What does the government say about the Property Registration

Property registration in India is governed by Section 17 of the Registration Act, 1908. The Act categorically puts down that all transactions that involve the sale of immovable property for a value above Rs. 100 should be registered. Except for Jammu and Kashmir, all the other Indian states register properties under this act. Whether you have a land for sale in Bangalore or a shop for lease in Mumbai, the rules and procedures are the same at all places. Immovable properties include landed properties, buildings, and the rights associated with these properties. Any property acquired as gift or on lease must also be registered say experts at property.sulekha.com.

Procedure of property registration

Computerised property registration has made the registration procedure simple and less time consuming. As middlemen are eliminated at each stage, there is more transparency in the process. This does not mean that there is no paperwork involved. Specific documents need to be submitted for registering a property at the nearest registration facility. There is also a time limit for presenting the documents and a fee involved for the whole process. 

Property registration process essentially involves the following steps in its order:

1.    Verifying the property title

2.    Estimating the value of property

3.    Preparing the Stamp paper

4.    Finalising the sale deed

5.    Paying the stamp duty and registration charges

6.    Approaching the Sub Registrar for registration

7.    Submitting the documents

8.    Verifying documents and sale deed

9.    Completing the process of registration

Registration charges can change from state to state and is a percentage of the value of the property.

Documents required for registration

The common documents that need to be submitted at the time of registration include:

·         ID and address proof of the buyer and the seller

·         Power of Attorney or letter of authority if the person is representing someone else

·         No Objection Certificate, if required

·         Passport size photographs of all parties involved in the transaction

·         Proof of payment of stamp duty

Property documents that are required at the time of registration can vary for each state. Usually the following documents are submitted by the parties for registration as per the type of property and requirements of registration:

·         Title Deed or Sale Deed

·         RTC Extracts

·         Khata Certificates and Extracts

·         Mutation Register Extracts

·         Tax receipts

·         Sanctioned building plan

·         Possession letter

·         Allotment letter

·         Payment receipts

·         Completion certificate

·         Sale agreement between builder and first owner

·         Joint development agreement

·         Encumbrance Certificate