Get familiarised with the IGR system for registering property- what is IGR registration, how it works, and the importance of the same. Also, gain more insights related to the property registration process and the advantages of property registration.
Any immovable property for sale, gift, lease, or transfer needs to be mandatorily registered according to the Registration Act, 1908. The unregistered properties cannot be proved in court. Understanding the IGR System for Register Property. So, to prove the property transactions are legal and enforceable, one must register their properties accordingly.
One can register their properties either through physical mode or E-registrations. Now make instant online property registration with VakilSearch.
Once you register your property, the draft of the property registration deed or agreement is prepared between the buyer and seller to ensure transparency and minimize conflicts. The IGR Maharashtra is very crucial for Property Registry Process.
The property deeds are prepared based on the type of property transaction, such as sale deed and lease deed, etc. Before proceeding further in the property registration process, the buyer has to ensure prerequisites like whether the property is free from encumbrances, pending dues, etc., and should also make sure that there are required documents relating to the property.
Now, where the property is registered and what is the role of the IGR system for registering property? Read further to know more.
What is the IGR System for Register property?
The Inspector General of Registration (IGR) is the top stamp duty and registration department authority. The fee included in the property registration, like stamp duty charges, registration fee, etc., comes under IGR scope as it deals with the same.
The responsibility of IGR is to execute the task of superintendence and administration of property registration work.
Every state has its own IGR like IGR Maharashtra, IGR Tamil Nadu, IGR Gujarat, etc. The IGR registration is where all the immovable property registrations are registered and recorded in government records.
In simple words, IGR registration refers to the property registration process with the concerned state government. The IGR is empowered to administer all the property transactions. IGR plays an important role in managing fraudulent property transactions and thereby keeping a check on illegal immovable property transactions.
Steps Involved in the Property Registration Process
Here is the procedure for property registration and the steps involved. Check out these simple property registration steps to get familiarised with the working of the registration process. Get the IGR Registration of Property from professionals online.
Step 1: Property Registration Draft
Since there are huge sums involved in the property transactions, one needs to appoint a lawyer to execute the property registration draft.
A professional lawyer with the technical knowledge of drafting techniques and important laws involved in the registration process can prepare your draft in a way that includes all the significant clauses and other vital information. This property registration draft prepared by the expert lawyer will serve as proof and minimizes the misunderstandings between the parties involved.
The property registration deed/agreement draft includes important information relating to the sale’s terms and conditions, date of sale completion, property details, and more. After the sale/gift/lease deed is signed and executed on the stamp paper, it needs to be stamped, and stamp duty is paid accordingly.
Step 2: Property Registration charges
There will be certain property registration fees like stamp duty and registration charges, service charges, etc. Here the stamp duty fee and registration charges are calculated based on the property market value. These charges and fees vary from state to state, and in some registration cases, the gender of the parties is also considered to arrive at the fee.
Step 3: Confirmation by the Claimant
The buyer (claimant) should verify and confirm from the seller (executant) that there are no encumbrances and pending dues relating to the immovable property. The buyer should also obtain important documents relating to the property.
Step 4: Property Registration at the Sub-Registrar Office
Following the sale deed preparation and payment of property registration charges, the deed is executed at the sub registrar’s office of the property jurisdiction area. The parties arrive at the office along with their lawyer and witnesses, where the signing process takes place. The documents are then verified by the registrar.
Step 5: Completion of the Registration of Immovable Property Transaction
The property will be successfully registered with the state government after verifying documents. For the arrival of registration completion documents, it may take some time. Now your property transaction is successfully registered with your state government.
Important Documents Involved in the Property Registration Process
The parties involved in the property registration should ensure to carry these important documents accompanying the sale deed, such as:
- Patta Passbook
- Patta Transfer Application
- Sale Deed Signed by the Buyer
- ID Cards of Seller, Buyer, and Witnesses
- Property Deed-Stamp Paper Signed and Executed
- PAN Card/Aadhar Card
- Municipal Tax Bill Copy
- Construction Completion Certificate
- Passport-Size Photos of Both Seller and Buyer
- NOC Copy Under Land Ceiling Act
- Any other documents as may be prescribed
The required documents should be compulsorily submitted/transferred to the sub-registrar within four months of execution. For late submission of the documents, the fine/penalty to be paid can be up to ten times the registration fee. So, to avoid hefty fines, make sure to present the documents within the given time limit and successfully register your documents.
Advantages of Property Registration
- With the immovable property registration, there will be more transparency between buyer and seller, and the property transaction can also be enforceable in court in case of any further conflicts
- Following the property registration, the buyer will be recorded as the new owner
- The government levies the property tax on buyers from now on who is the rightful owner of the property
- As per Section 80C of the Income Tax Act: the property registration charges like stamp duty, Property Registration Fee, service fee, etc., are eligible for deduction from total gross income (GTI) and can be claimed by individual/HUF when acquiring immovable property like a house. According to Section 80C of the Income Tax Act, the maximum limit comes to ₹1 lakh for every financial year.
Conclusion:-
You can now understand the IGR system for registering property and the immovable property transaction procedure. You can also check out the important documents and how the property registration benefits you.
We are here to assist you. Experience seamless and smooth online property registration in India with only VakilSearch. Appoint your lawyer for hassle-free property registration.
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