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The entire process of land registry or house registry can be quite a nuisance if you do not have a real estate attorney briefing you about the legal matters. Property Registration in India ensures the ownership rights to the person in whose name the property is registered.
All kinds of property registration and firm registration in India are done at the Sub Registrars office that also holds all records of any previously registered property in India .
The exact process includes 6 steps:
Step 1: Search the Property Registration
The whole process of Property Registration takes upto 5-7 days to complete. This entire process can cost up to Rs. 10,000. The property location, legal ownership document, date of purchase of the transferee, clearance certificate from urban land ceilings authorities, payment of all dues like property taxes, electricity and water bills and any previous alterations in the property registration are the points that require careful scanning.
Step 2: House Registration Agreement
This process takes place at the Local Stamp Duty Office and takes around 7 days to complete. The fee involved is Rs. 100.
Step 3: Preparation of Property Sale Deed
This is done by an authorized house registration attorney on behalf of the property value and might take 7 days again. It also involves a fee of 1% of the property value. The final deed is printed out on a green paper with stamp duty stamp affixed on it.
Step 4: Final Registration
The house registry or land registry is then stamped, executed, and finally registered in the presence of seller, buyer and two witnesses at the office of the SUB Registrar of Assurances at 5% market value of the property as Stamp Duty. This process takes just 2 days to complete.
Step 5: Submission of Documents
The completed home registry is then submitted to the Reader of the Sub Registrar of Assurances for scrutiny. Then at the payment of 1% of the transaction value or Rs. 30,000 whichever is less, the documents are presented before the Sub Registrar. The seller then hands over possession of the property to the buyer. The documents are handed over to the buyer within 30 minutes of submission of the payments receipt.
Step 6: Mutation of The Title of The Property
The purchaser now has to apply to the local Municipal Authority to get the title of the concerned property mutated in his favor with all the relevant documents that your Real estate attorney would guide you about. The Municipal Authority then assigns the property value for levying property tax and then issue a letter of mutation in favor of the purchaser.
Here is a list of sites to help you finalize all the necessary documents. The sites are listed to assist you in all matters relating house registration and documentation. |