Are you looking for a Land Registration process? If yes, then you need to read this blog to find out about the whole process.
Buying property in India worth more than Rs 100 necessitates that you register it with the government. Registering property is guided by the Registration Act, section 17, which was passed in 1908.
Immovable property transactions necessitate the registration of a property. A buyer can’t contest ownership of a property in court if the property is not officially registered in their name in government records.
Nowadays, finding the desired property may be simple, but registering that property can be difficult. A comprehensive reference to land property registration law, procedure, costs, documents, and more are available to simplify online property registration.
Land Authority System in India
In 2008, India’s Department of Land Resources issued a report urging the country’s land and property registration procedure to be restructured in a manner comparable to that of the United Kingdom.
Proper land allocation and registration can be ensured using this method or procedure of conclusive titles. As the real estate market in the United States becomes more open, fraud and deception in property trades are on the rise.
All land titles and records can be handled by a single agency under this law or system, ensuring that actual ownership is established and guaranteed for all parties involved.
Today’s land registration details certify the transaction, but it does not guarantee that the property will be free and clear of debt.
It is currently necessary for an interested buyer or promoter to conduct considerable research using multiple resources to verify the ownership of a property.
Additionally, the relevant department uses a Geographic Information System to computerize all land records, separate from land registration (GIS). As a result, the National Land Records Modernization Program can incorporate the two different initiatives.
Almost all land records may be digitized using this method. It can be helpful in a wide range of enterprises, including real estate, banks, emergency preparedness organizations, and credit card companies.
The state and federal governments gain the most due to an accurate land registration system. That person becomes the land owner when they acquire and register it.
If the land registry is done correctly and on time, there is no risk of litigation or confusion. Thus, if you follow all the land and property registration regulations, you may prevent any issues.
Process of Land Registration
One can fill out the application, pay the stamp duty and registration fees, and submit copies of the required documents before scheduling an appointment at the SRO using the official websites of the separate states. Saving time and effort by allowing authorities to verify the transaction’s specifics before final land registration is a significant benefit of this practice
On the day of the meeting, the sub-registrar rechecks the original documents and performs the biometric check on the buyer, seller, and any witnesses in attendance if required.
Online Registration of the Real Estate
In states where online real estate registration services are available, there are a few things to keep in mind:
Specific steps in the procedure can only be completed electronically:
Even if you say that you provide online property registration, keep in mind that just a portion of the registration procedure can be performed this way.
- You can determine your property’s entire worth by determining the region’s circle rate.
- Stamp duty and registration fees can be calculated.
- Stamp duty and registration fees can be paid via the Internet, and you will receive a receipt for the transaction.
- Next, you’ll need to schedule an appointment with the sub-office registrar and show up at the designated time to register your property.
It is necessary to make the payment online.
Only when you’ve paid the requisite stamp duty and registration fees online can you schedule an appointment for property registration. Debit, credit, or net banking must be used to make the transaction. In rural parts of several states, buyers may be able to pay by check or cash instead of making an online payment.
Your mobile holds the key.
If the property’s purchase price exceeds Rs 50 lakhs, the buyer must pay 1% TDS online and print a receipt. During the physical verification process, this paper would be helpful to have. Make the Copy of Land Registration Documents Online from RERA Portal.
India’s Property Registration Fees
Apart from the property’s price, it would help if you also considered the cost of registering your new residence with the authorities in India.
Property registration costs and stamp duty charges can add up to 7% to 10% of the purchase price, depending on the state where the property is located and the type of acquisition.
In most Indian cities and municipalities, 1% of the property’s value is levied as a fee for registering it. In addition to these fees, you will be subject to a cess and a small additional fee.
The following papers, in addition to the online form, must be submitted with the submission.
- Verification of the parties’ identities (Aadhar Card, PAN card, etc.)
- Involved parties will need to provide two passport photos.
- Deed of sale
- As a party representing someone else, the party has more authority.
- A power of attorney/letter of authorization and copy of the company’s board resolution authorizing him to carry out the registration and a copy of the certificate of incorporation is required if the party is a corporation.
- A property deed
- Stamp duty and registration fee receipts
Within four months after the date of their execution, all documents that must be registered must be submitted, together with the required fee.
Sub-registrars may agree to register papers that have been delayed by more than four months if they are paid a fine of up to ten times the original registration price within the next four months.
Each document must be registered for an amount not exceeding one percent (1%) of the property value.
What is Stamp Duty?
You will be charged property stamp duty when you transfer the ownership of your property to another individual. To register your property, you’ll need to pay a fee to the state government.
Each state has its stamp and registration fees, varying from state to state. Section 3 of the Indian Stamp Act: https://legislative.gov.in/sites/default/files/A1899-2.pdf, 1899, mandates that you pay Stamp duty while registering a property. Thus, it would help if you did so.
Documents that necessitate a stamp Duty
The following are examples of documents for which stamp duty is due:
- Transfer instruments
- Deed of partition
- Reconveyance of mortgaged property
- Mortgage deed
- Certificates of sale
- Gift deed
- Exchange deed
- Tenancy agreement
- Power of attorneys
- License agreement
- Lease deeds
Who is Responsible for Paying?
Without an agreement to the contrary, a buyer or transferee must pay stamp duty, or both parties must pay stamp duty if they are exchanging properties.
Conclusion
If the land registry is done correctly and on time, there is no risk of litigation or confusion. Thus, if you follow all the land and property registration regulations, you may prevent any issues. If you are looking for help with land registration, you can contact Vakilsearch.
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