Real Estate Property can be a common thing for those dealing with such immovable assets, but it can be complicated for someone new to this. The write-up presents the complete information about the registration, the role of a registrar and why one should register their property.
Real Estate Property Details in India, the setting up of new business, construction of a new house, etc, have to be registered to the government.
This makes the authorities aware of the selling and buying of properties. Further, this information helps develop reports and surveys and can be used to develop the current system.
Property registration is one such term that is quite popular among property dealers and people who are willing to buy or sell their property. You Register all property transactions at one Single Portal.
But is it important to inform the authorities about the selling or buying of these properties, or is it mandatory to register a property?
Where Can a Person Register Real Estate Property?
We’ll be discussing the same in the given article while mentioning some important information about the Property registry.
What is Online Property Registration Details?
Property Registry is a legal action where the selling of a property is mentioned in the Legal documents, and the ownership is transferred from the seller to the buyer.
The procedure takes place at the sub registrar’s office. Some charges may apply for the registration. This fee is for stamp duty, professional charges, etc.
The process is completely computerized, and thus, there is no need for middlemen or brokers during registration. These registration charges are only asked during the transfer of the property. But if you own a property for the first time, there is no charge to be included.
To illustrate, if a person buys a new flat in a housing society built recently and is the first owner of the flat, then they do not have to pay any stamp duty or Registration of Real Estate Property.
While if the property is being transferred or the owner is changing for the second time or third time, then the registration, stamp duty, professional fee and other charges will be applicable.
How Necessary Is It To Register Real Estate Property?
Any highly valued property, like a car, flat, plot, or other Real Estate Property, must be registered with the Government of India. The registration Act, 1908 of section 17 states that any transaction involving buying or selling immovable assets must be registered if the value of goods exceeds ₹100. All immovable property must be registered as no immovable property valued under ₹100.
Many often the property is either donated or gifted for some social or economical cause. Even in this case, The Registration Act is the governing law regulating property transfer. Although no role of financial earning is there for the donor still, the deed of donation or gift is considered to verify the transaction as legal. Apart from buying or selling, any lease transaction, continuing from 12 months, should also be registered under the act.
Sometimes, suppose a party cannot attend the registry at the sub registrar’s office. In that case, any of its officers hold the power to carry those documents to the residence of the concerned person. ‘Immovable Property simply means a property that cannot be moved or transported, for example, building, flats, plot or any of its rights.
Procedure For Real Estate Property:-
The process initiates with the submission of the property’s documents at the Sub-registrar’s office. Make sure that the office should be within your jurisdiction. Both the parties should be presented there with the respective signatories of each party along with their two witnesses to register their property.
It is a must for the signatories to carry along a proof of identity so that their genuineness can be identified. Any government-issued identity card like an Online Aadhaar Card, PAN card, Ration Card or any other legal proof of identity can be presented. If the opposite party or your party is an organisation or company, then several documents can be required to verify the signatory as the organisation’s representative; these documents may include the consent of all members of the organisation (or at least chief members).
Once everyone is presented, a selling party has to present the property card and original property documents with proof of payment of stamp duty to the sub-registrar.
The Sub-registrar will then Verify the documents presented with the proof of stamp duty by cross-checking them with the stamp duty reckoner. There should be no deficit in the stamp duty; otherwise, it may lead to the cancellation of property registration by the Sub-registrar.
Witnesses also play a significant role in the process. Thus, it is important to verify witnesses. They have to carry a proof of identity, whereas a biometric scan can be performed to check that the person mentioned in the paper and the person present on the day are the same.
Once done, the further procedure is continued. After performing the various biometric scan and other authentication, the registrar will finally stamp the registry paper and announce the Registration of Property from the seller to the buyer.
What is Stamp Duty?
Stamp Duty is a way to retrieve the tax by the government. In any Real Estate Property Registration, a party has to pay this stamp duty or tax as they legally own a property that is ultimately India’s land. The party’s fee is the charge to alter the changes in the government records and, of course, to pay the professional who undertakes such tasks.
The amount of stamp duty you pay can depend upon the location of the plot, building, flat or any immovable asset or the state in which the property is located. Many states also give some discount on these stamp duties if the signatory or the owner of the property is a female.
Conclusion:-
The above discussion makes it understood that any immovable asses must get registered with the government of India: https://www.india.gov.in/. It is never recommended to not register a newly bought property as the registration is legal proof representing the property’s true owner. Thus always make sure to register any immovable asset you buy; otherwise, an unregistered property can be easily presented as evidence against you in courts, in any case of a petition,
Moreover, a dealer may fraud you after charging the money for the plot if the legal Real Estate Property of the plat is missing. Thus, property registration needs knowledge of the law and other information, like the correct procedure, the appropriate amount to pay, etc.
Vakilsearch is one of the most popular legal services providers that allows people from anywhere in India to avail of tax, legal documentation and consultancy services. So, if you are looking for legal advice or documentation, then check out their website or mobile application.
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