Important Circulars for Allottees

N

Delay in execution of conveyance deed

NEW

Enhanced penalties & timeline guidance

There have been abnormal delays in signing of Conveyance Deeds by the allottees in spite of reminders from time to time. The matter has been reviewed and it has been decided to enhance the penalties for the delays as per details enclosed in Annexure-A in order to cover the enhanced cost of establishment and also to curtail the delays in signing of Conveyance Deed.

For unsold units of Jaipur, Kota & Sonipat project allottees are advised to execute their Conveyance Deeds within six months of possession. Penal charges @ Rs. 1,000/- + applicable GST per month shall be collected if not signed within six months of possession. Allottees of Jaipur phase-III project are advised to get the registration done by 31.05.2024. A penalty of Rs. 1,000/- per month or part thereof + GST shall be levied beyond 31.05.2024. Click here for full details.

1

TDS on Property Purchases

Section 194-IA • Form 26QB • Form 16B

Buyers must deduct TDS @ 1% for properties above ₹50 lakhs (Sec 194-IA).
No TDS if cost ≤ ₹50 lakhs. Deduct TDS on each installment.
Applies to full sale amount even if multiple buyers/sellers involved.
PAN (IRWO: AAATI0400L) is mandatory for both parties.
TDS to be deposited with Form 26QB within 30 days.
TDS certificate (Form 16B) must be issued to seller.

2

Group Housing Schemes Opened

Projects: Jaipur Ph.III, Kota, Sonipat Ph.II

Priority:

IRWO Members
Blood Relations of Members (with co-ownership)
Employees from:
- Central Govt/PSUs
- Armed Forces
- State Govt/PSUs
- Nationalised Banks
Other Indian Nationals

3

Delay Charges Revision

Delay charges @ 9.50% p.a. (from 01.04.2018)

As per IRWO Rules delay charges are payable by member in case of delay in payment of installment by more than 7 days from the due date. Rates of delay charges are indicated in the project brochure. Keeping in view the rate of interest charged by banks on housing loan, rate of delay charges was revised @ 9.50% p.a. from 01-04-2018 onward.

If the allottee does not pay installment within 6 months from the due date (whatsoever the reason), he will be liable to pay delay charges @ 9.50% p.a. along with penal charges @ 3% p.a. from due date upto actual date of deposit. This is without prejudice to cancellation of DU on account of non-payment of installments and comes in force with immediate effect.

4

Membership Fee

Non-refundable • Online payment

Membership fee will be nonrefundable Rs. 2000/- + GST as applicable to be paid online through the IRWO website.

5

Collection of Maintenance Charges @ Rs 2.0 per sq.ft per month

Prior to possession and until RWA formation

For maintenance of the housing complex for the above period of one year, IRWO will collect, in addition to the maintenance fund, amounts from the allottees at the rate of Rs 2.0 per sq.ft of built-up area per month for one year before issuing the possession letter. If RWA is not formed within one year, IRWO will continue to charge the same amount for further periods till the colony is handed over to RWA.

6

Policy on Sale/Transfer of IRWO Dwelling Units and Plots Post-Possession

Subject to local rules and IRWO approval

The local rules and regulation, sale/transfer of the dwelling unit or plots may be permitted with specific approval of IRWO to members or to other than members without any time limit after possession.

7

Fee Structure for Transfer/Sale Deed for Type I to IV Units

Transferer and transferee charges

In case of Transfer/Sale/Gift Deed following fee may be charged:

i. Type I & II – Rs 20,000/- each by Transferer and Transferee.
ii. Type III – Rs 30,000/- each by Transferer and Transferee.
iii. Type IV – Rs 40,000/- each by Transferer and Transferee.

8

Applicability of GST from 01.07.2017

GST on various goods & services including construction

Members are aware that GST is made applicable on various goods and services which includes construction services also from 01/07/2017. As per GST Act, GST is payable in the following type of services at the rates indicated against each. Please click here for downloading details.

9

RTGS Payment Instructions

Sender-to-Receiver information and email format

Relevant Instructions
Format in which Information is to be sent to IRWO through email

Allottees remitting dues by RTGS must ensure that the Sender to Receiver Information item (vi) of IRWO's instructions is sent immediately to IRWO by post or preferably by email (as per instructions) to enable IRWO to link the remittance. The information may be sent both if the RTGS request is handed over personally in the remitting bank and also if the transaction is effected through Internet Banking.