Three Important Facts That You Should Know About the Property Registration Process

In India, it is important to register the sale or purchase of a real estate property. Otherwise, there will be no legal proof to show the property transaction. The registration of a property is a simple process that will help in changing the ownership of the title. Therefore, it will safeguard the rights of the property owner. And, it will enable the state government to levy property taxes. Here, are some important points that you should know about property registration in India.

About the Property Registration Process

1) Paying the stamp duty is the first step 

As a buyer of the property, you need to pay 5 to 7% of the property’s value to the state government. The stamp paper can be purchased online or from a certified vendor. And, the documentation of the stamp paper varies as per the nature of the transaction.

2) Submit the application to the sub-registrar

After payment of the stamp duty, you should apply for the registration process by submitting the requisite documents and paying the registration fee. The sub-registrar will carry out due diligence related to the property’s documents and its market price, after which it will confirm the property’s registration. The buyer will get a registration slip, which he/she can use to collect a copy of the registration paper.

3) All this has to be done within a time limit 

The buyer should apply for the property registration process within four months of buying the property. If he/she forgets to complete this step within the stipulated time, it becomes mandatory to write an application to the sub-registrar seeking an apology for the delay. The fine may exceed up to ten times the original registration fee.

Conclusion:– Property registration is a simple process that starts with paying the stamp duty. After the successful payment of this tax, the buyer should visit the sub-registrar’s office and submit certain documents along with the registration fee. And, this process has to be completed within a limited time.

 

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