Registering property is an integral part of the home buying process. It is easier to buy a property, but the complex process is to become the lawful owner of your home. Section 17 of the Indian registration Act 1908 states that it is compulsory to register documents about the transfer, lease of property or sale. So, if you are looking for plots in Mannivakkam, then the paperwork and legal issues could confuse various home buyers. It is always feasible to get assistance from a real estate agent or a good broker.
Process of Registering Property
Property registration is mandatory for every Indian citizen. However, particularly for Maharashtra, the registration of an agreement to buy or sell an apartment is compulsory under section 4 of the Maharashtra Ownership Flats Act 1963. The person in whose favour a property is registered becomes the owner. If the documents are not duly registered, the law does not recognize the registered owners nor provide them with any rights over the property. Thus, if you are thinking of buying the land for sale in Mannivakkam, then check out the below steps:
- Verifying the property’s title deed that gives you an idea of the ownership of the property. For instance, if you are looking forward to buying plots in Mannivakkam, then you have to verify the property’s deeds. Also, know about any dues pending, such as water bills, the electric bill, property tax etc.
- The next step is to prepare the sale deed. You can ask your lawyer to draft a sales deed for the registration.
- Pay the stamp duty. Generally, the registration fee for the property document is the 1 per cent fee of the property value, which is a maximum of 30,000 INR. However, the stamp duty for each and every case varies, which goes about 3-10 per cent of the property value.
- Approach the sub-registrar for the registration. The buyer and seller, or the people who have their power of attorney and two witnesses, approach the office of the sub-registrar of assurance within the jurisdiction where the property falls.
Documents Needed for Property Registration
So if you want to buy the plots in Mannivakkam, then you should have the following documents for the property registration:
- Two passport size photographs of each of the buyer, seller and the two witnesses.
- Identity proofs like Aadhar card, passport, Voter ID card, driving licence or PAN card of the buyer, seller and the two witnesses.
- A photocopy of the latest property register card.
- Photocopy of the municipal tax bill.
- Proof of payment of the stamp duty, payment to the seller and registration tax.
- A photocopy of the non-objection certificate, if required.
The duly registered document could be collected from the sub-registrar of the Assurance office after 2-7 days. The certificate with all the registered information would be provided, and the original copy of the deed would be provided at a time when registration is returned. For instance, after knowing the Mannivakkam land price, you could apply for property registration. Once the registration is complete, then you should apply for mutation. A mutation changes the ownership title.
Along with an affidavit, indemnity bond, and a notarized copy of the registered sale deed, the mutation application is filed. You should register your property within four months from the date of execution of the transaction. Thus, if you fail to register within the four months, apply for a sub-registrar for condonation of the delay. The registrar can agree to register the property, although you have to pay the fine of up to ten times the original registration fee.
Online Land Registration
Everything is available online, and land and property registration have become easier. You could e-register your property, and some states have an official portal for online land registration. The stamp duty could be calculated easily from this online portal. With net banking, debit/credit card, and other UPI payment methods, online registration of property has become easier. With online registration being permitted in many states, you should keep the following in mind to make your property registered:
- Check if there is a portal for the e-registration of property or land in your state.
- Only a few parts of the property can be registered online like:
- Finding out the stamp duty rates
- Paying the stamp duty and registration fee online
- Receive a payment receipt online.
- Once you receive the receipt, you have to visit the sub-registrar office to complete the property registration process.
- If the property value is more than INR 50 Lakhs, you have to pay 1 per cent of the TDS on the property value. The TDS could be paid online.
- While registering your property online, you have to provide certain online property registration like the type of property, description of the property, ownership status, proof of property and personal details.
Documents Needed for Registration
When you visit the sub-registrar’s office, then you have to submit the following documents:
- Sale deed on non-judicial stamp worth the deal value.
- Proof of Identities such as Passport, Aadhar Card, Voter ID Card, PAN Card, or Driving Licence.
- E-stamp paper, E-Registration fee receipt, and proof of payment to the seller.
- Copy of the latest property register card.
- Copy of the municipal tax bill.
- Copy of No Objection Certificate (NOC), if required.
You have to go for biometric registration at the sub-registrar’s office. With you, take two witnesses to the sub-registrar’s office. The witnesses also need to carry the photocopies and original copies of the identity proof. Remember that property registration is a must, and you should register the property after four months of completing the sale.
