Property lawyers and notaries working with development agreements in Maharashtra must take note of this significant ruling. The Bombay High Court has held that a "restatement" of a development agreement is not merely a recital of the existing agreement but constitutes a new instrument for stamp duty purposes if the rights and obligations are substantively varied.

Facts

A developer and landowner entered into a restated development agreement purportedly to correct typographical errors and provide clearer timelines. The stamp authority took the view that the document attracted full stamp duty. The developer challenged this assessment.

Held

The court upheld the stamp authority's assessment. The "restatement" had modified delivery milestones, revised the sharing ratio, and restructured certain payment obligations. These were substantive modifications, not clerical corrections. The document was a new instrument attracting fresh stamp duty.