TDS ON IMMOVABLE PROPERTY

Yes he is required to file form 26QB within 30 days from EOM in which transaction took place and deduct 1% of sale consideration

yes buyer is required to deduct tds @ 1% of consideration paid bcoz amt of sales consideration exceeds 50 lakh.
Also if buyer is not deduct tds and not paid , then he may become assessee in default u/s 201 accordingly liable to pay interest & penalty.
so buyer should file 26QB and pay tds with late payment of tds

interest is also required to pay @ 1% for 5 months on INR 62,000 if paid in this month