Important Facts to Know About Property Registration in India
Having a house of our own is the dream of almost everyone in India. And once you have achieved this dream after putting lots of effort it is very important to look after all the legal formalities very carefully. The first thing after buying a house is to get your house registered in your name under section 17 of the registration act, 1908.
In this blog, we will discuss some of the important facts that you must know about property registration in India -
1- Stamp duty
Stamp duty is a very important part of the registration process. Before registering the house, it is required to pay the stamp duty. It is to be paid to the state government by the property buyer. The stamp duty is equal to 5-8% of the Properties value.
One thing which you must note here is that women in India are given a concession on stamp duty of 1-2%.
You can purchase the stamp paper from any registered stamp vendor or online.
2- You need to visit the sub-registrar
Another thing to do to register your property is to go to the registrar's office with all the required documents like stamp duty, form 60, pan card, etc. You will also need witnesses to sign for the registration process. A registration fee is also incurred that is usually 1% of the stamp duty. After the process is done and all the documents are verified the property gets registered and he/she will become the owner of the house. One should not forget to receive the receipt confirming the same. The registration papers can be collected from the office after a few days.
3- Time limit for property registration
The property should be registered within four months and if the limit expires the buyer needs to write an application to the registrar asking for an apology for the delay. The registrar may charge you a fine for the delay which may be much more than the actual registration fee.
4- Consequences of non-registration
If the property is not registered then the buyer will have to face several Consequences. If any dispute over the property arises the buyer will not have any proof of ownership which may lead to loss of property and thus losing all your investment on your house. Another thing that can happen is that the property can be acquired by the government.
5- Advantages of property registration
One can change the ownership title from one person to another. If there is any dispute over the property the issue can be resolved easily.
Conclusion
You must now be aware of some of the key facts about property registration in India and why it is important to register your property.
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