As per Section 17 of the Indian Registration Act of 1908, it is mandatory to register a property if the value exceeds Rs 100. There are specified stamp duty charges and registration fees to be cleared in the registration process, which varies from state to state.
Usually, the registration fee is 1% of the property value in most states as a standard rate. In this blog, we’ll talk about property registry papers.
What is a Property Registry?
- A property transaction involves a buyer and seller who transfer their legal ownership over the immovable land or property through a legal document that is regulated by the Indian Registration Act of 1908.
- The property is transferred, and the buyer becomes the legal owner after registration with the sub-registrar and recording it in government books.
- The buyer can be affected by numerous monetary issues as this is a tedious procedure, so they should have basic knowledge about the formal registration of property registry papers.
Property Registration Laws
- The registration of any land or property is regulated by the Indian Registration Act of 1908. Every document related to property is registered under this law which ensures fraud prevention, evidence, and transfer of title in a righteous way.
- Every transaction of immovable property sale and purchase is mandatory to be registered because the property registry papers act as evidence of ownership.
- There are various steps and procedures to get property registry papers registered with an authorized sub-registrar.
- If by any chance the owner of the property cannot physically visit the sub-registrar office, an official agent is sent to their residence to collect the signed land documents or property registry papers.
Steps involved in registration
The steps for acquiring registration of property registry papers are as follows:
- The property title deed can be verified to know about its liabilities or dues of any sort that might need clearing.
- A sale deed can be prepared by taking appropriate legal consultancy services that might help with easy and simple processing.
- The stamp duty is to be cleared to complete the registration of property registry papers. The stamp duty can vary from 2 to 10% as per state. The registration fee is standard at 1%.
- The parties will then approach the sub-registrar to get the property registry papers approved and verified. Two witnesses must be present who will sign the documentation along with the party or POA.
The signatories will be needed to carry some land documents along with property registry papers.
- Passport-size photographs of parties involved and their witnesses.
- Both parties must carry their identity proofs along with the property registry papers, as verification is a crucial step.
- Tax bill copy.
- Property registry card copy.
- Receipt of cleared stamp duty and registration fee.
Some other types of documents might be prescribed by the sub-registrar to scrutinize and verify the property registry papers and complete the process. Some places add a biometric identification of the individuals for computer records in government data.
Registration charges in some Cities
- Bangalore: 1% of total property value.
- Kolkata: 1% of the total property cost.
- Chennai: 1% of the property value.
- Mumbai: 1% of the total property value.
Why are these Papers Important?
The impact of having property registry papers is that the buyer becomes the rightful owner of the property or land and his name is input into the government records. Without the name on property registry papers, the buyer does not become the owner in the eyes of the law.
- It is pertinent that the property registry papers are recorded and kept safe by the buyer as it is a legally valid and enforceable documents.
- The property registry papers provide ultimate authority to the buyer to use the property as per their requirements.
- The property registry papers help in preventing fraud, misuse, and forgery of land-related documents as the valid legal documentation is with the buyer and no one else.
- The property registry papers can solve litigations in court that are property related. It can solve future out-of-court disputes.
- The property can be sold again, rented, or put on the lease with the legitimate property registry papers.
Online Registration of any Land or Property
- As technology is advanced nowadays and online data storage is quite easy and quick, the records kept there are more easily accessible.
- People can choose to register the property online with guidelines and prescribed steps. The E – registry is being used in some states as an all-time registry system. The calculation of stamp duty and registration fees also became easy since there are several online portals for this step.
- The Payment can be easily made online through the preferred mode of payment by using net banking, credit/debit cards, or others.
- These methods of E- registry of land and property has made it convenient and accessible to many people who cannot personally visit the registration office.
- In some states, the final procedure is to visit the sub-registrar’s office with two witnesses. This is a formality that is completed to obtain the authorized property registry papers.
- The parties can mutually discuss and book an appointment through the official website and arrange to meet at the office along with witnesses after taking the necessary legal consultancy services.
There are various advantages of property registry with the help of property registry papers, and the buyer can safely provide their details and negotiations with the buyer to complete this process. The name and title ownership is the main aspect that will define the property in the future. The parties can take legal services to acquire a basic understanding of the matter.