Whether it is a house, a flat or a commercial property, there are certain legalities that have to be taken care of before you can register it. In this article we will be talking about 10 important things to keep in mind before you register your property in India.
Property registration in India is governed by Section 17 of the Registration Act of 1908. The Act’s goal is to ensure that the transaction in question includes all of the necessary information and that legal records of the transaction are kept. In this article we will be talking about important things to keep in mind before registering a property in India.
Types of Property Registration
Before Property Registration in India, it is important to understand the different types of properties. The most common type of property is residential, which includes apartments, houses, and villas.
Commercial property includes
- Office buildings
- Retail stores
- Industrial warehouses.
Industrial property has
- Factories
- Plants.
The agricultural property includes
- Farmland
- Agricultural Buildings.
The type of property you own will determine the House Registration process.
For example, residential property is typically registered with the local municipal corporation. In contrast, commercial property is registered with the Registrar of Companies. Knowing the difference between these types of property is important so you can register your property correctly.
Research and Reviews
Before you buy or lease a property in India, it is important to do your research. It would be best to read reviews of different properties and areas before deciding. It is also important to consider the location of the property. It would help if you thought about whether you want to be in a big city or a smaller town. Each has its advantages and disadvantages.
You should also think about the type of property you want. Many different types of properties are available in India, ranging from apartments to villas. Choose the one that best suits your needs and budget. Once you have decided on the property you want, it is important to register it. This will ensure that the property is legally yours and that no one can claim it as their own. The registration process can be complicated, so it is recommended to contact the Vakilsearch team to help you with this.
Consultants
When you are looking to register a property in India, it is important to consult with a professional who is familiar with the process. This will ensure that everything goes smoothly and that you can get the best possible price for your property.
There are a few things that you should keep in mind when you are consulting with a professional about registering property in India.
- First, you must ensure that the consultant is registered with the RERA (Real Estate Regulatory Authority).They will be able to advise you on the pros and cons of different registration methods, and they will also be able to help you choose the best way for your individual needs
- Third, you should ensure you understand all the fees associated with registering property in India. The consultant should be able to give you a breakdown of all of the costs involved so that you know precisely what you will be paying for.
Finally, it would help if you asked the consultant for their opinion on the best time to register your property.
Location
When choosing a location for your property in India, remember a few things.
- First, you will want to consider the climate of the area. India has a tropical climate, so the temperature and humidity levels can be high in some parts of the country. If you are not comfortable with this type of weather, you may want to choose a more temperate location
- Second, you will want to consider the type of property you want. Do you want an apartment, a house, or something else? Each type of property has its own set of benefits and drawbacks
- Third, you need to consider the available amenities in the area. What kind of shops and restaurants are nearby? Are there any parks or recreation areas? These factors can make a big difference in your quality of life
- Fourth, it would be best if you thought about the future when choosing a location for your property. Will the area be developed further in the future? Is it close to public transportation or other conveniences?
Forced Occupancy Clause
The clause states that if the builder cannot hand over the property to the buyer on the committed date, the latter has the right to terminate the contract and claim a refund of all amounts paid. The buyer should know this clause before signing on the dotted line. It is important to have a realistic timeline for the project and to ensure that the builder can meet it.
If you want to buy a property in India, ensure you are fully aware of all clauses in the contract before signing it. This will help you avoid any legal hassle in the future.
Restriction Period
When you are registering property in India, there are a few things to keep in mind. One of those things is the restriction period. The restriction period is when you cannot sell or transfer your property. This period is typically 5 years, but it can vary depending on the state where you register your property.
Before registering your property, it is important to be aware of the restriction period. That way, you can plan accordingly and make sure that you will still be able to sell or transfer your property when you need to.
Electricity and House Insurance
- Get your electricity and house insurance sorted out before you register the property. This will make the process a lot smoother and faster.
- Ensure you have all the required documents ready before starting the registration process. This includes your identity proof, address proof, and income proof.
- Be prepared to pay the Property registration fee, typically around 1% of the property value.
- Choose the right Property registration authority, depending on the state where the property is located.
- Fill out the application form correctly and completely, attaching all the required documents.
- Pay the registration fee online or at the registration authority’s office using a credit/debit card or demand draft.
- Collect the registered deed from the registration authority’s office, which will be sent to you by post or courier.
Renting or Buying
- The cost of living in India is relatively low, so you can afford to buy a property even if you are on a tight budget.
- There is a wide range of properties available for sale in India, so you can find one that suits your needs and preferences.
- Buying a property in India is fairly simple, so you won’t have trouble completing the transaction.
- If you are planning on living in India for a long time, then buying a property would be a wise investment since it will appreciate over time.
- On the other hand, if you are only planning on staying in India for a short period, then renting would be the better option since you won’t have to worry about selling the property when you leave.
Sale of Property in India
- It is important to hire a legal advisor who is well-versed in Indian property law. This will ensure that the sale process is carried out smoothly and legally.
- You should also appoint a good real estate agent to help you find the right buyer for your property.
- It is advisable to set a realistic price for your property. If you overprice it, buyers will be deterred, and if you underprice it, you may not get the best value for your property.
- It would help if you were prepared to negotiate with the buyer. In most cases, the selling price of a property is negotiable.
- Once you have found a buyer for your property, it is essential to sign a contract of sale that will protect your and the buyer’s interests.
Legal Documents
The legal documents required for registering a property in India vary depending on the property type and location. It will ensure that they are familiar with the latest rules and regulations regarding Application for Property Registration. Second, you should ask the consultant for their opinion on the best way to register your property.
However, some common documents you will need to provide regardless of the property type or location. Some of the most important documents include the title deed, Sale deed, and power of attorney. You will also need to provide proof of identity, address, and ownership of the property. It is advisable to seek legal advice before registering property in India. A lawyer can help you understand the process and ensure that all the necessary documents are in order.
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