According to Section 17 of the Registration Act of 1908, it is mandatory to register the transfer of property in India. The registration and transfer of real estate in India is governed by this Act. Because the person in whose name the property is registered is the rightful and legal owner of the property, registration is required. Several factors come into play when registering a property. The registration is subject to stamp duty. Since each state has its own registration laws, the registration procedure is determined by the state in which the property is situated.
Have you finally purchased the house you’ve been looking at? Although this is an exciting moment for you, purchasing a home may also be very stressful. especially after you consider the extensive documentation required!
An essential step in buying a home is registering the property. The registration process is arguably the most challenging of the stages required in buying a home.
Any transaction you undertake toward buying an immovable property must be registered under Section 17 of the Registrations Act of 1908 if the property is valued at more than $100. Therefore, registering the property at the sub-office registrar’s is always required when purchasing a home.
There are numerous legal issues and paperwork to deal with while Property Registration in Delhi. When registering a new property, there can be no room for error, and it is crucial that every home buyer strictly abide by the current rules and regulations to avoid getting into difficulty later.
First-time house buyers may find the rules and paperwork associated with the home registration procedure in Delhi to be incredibly perplexing. Therefore, seeking guidance from a seasoned broker or real estate agent is always advised. To ensure a simple and trouble-free flat registration process, you might also choose to hire an attorney..
Make a list of all the paperwork related to your property registration. The process of purchasing a new home is not complete until all the necessary paperwork is in order.
Here is a step-by-step instruction on how to register real estate in India and take legal possession of your home:
Step 1: Determine the value of your property using the local market pricing for similar properties.
Step 2: You must now evaluate the discrepancy between the circle rate and the final pricing. Whichever of the two prices is higher would be significant when it comes to paying stamp duty.
Step 3: You must now buy non-judicial papers for the sum you determined through estimation.
Step 4: Purchase the stamp papers offline or online. While e-stamps can be purchased online, these papers can be purchased via authorised stamp retailers. Stamp duty can be paid through the Collector of Stamps, or if it has already been paid, documentation must be provided.
Step 5: You must now have the stamp papers with the deep made and entered. Depending on the type of transaction—a sale, mortgage, lease, power of attorney, etc.—the subject matter can alter.
Step 6: The parties to the transaction must now go to the Sub-Office Registrar’s with two witnesses in order to get the deed recorded. Each participant in the procedure must have their pictures, identification documents, and other necessary items. The deed must be maintained on hand, together with two photocopies and the original copy.
Step 7: You obtain a receipt following the selling deed’s registration. One needs to return to the Sub-Office Registrar’s in around two to seven days after that in order to obtain the sample deed.
Step 8: After getting the original deed registered, you can also get it certified by using the Registrar’s Office’s registry information and the date..
These are the eight stages you must complete in total to register your property. Visit our website at www.theluxia.com for more such fascinating analysis and information about property management.
The benefits of hiring property maintenance services providers are manifold. First, because property managers add value to your rental property investments, many veteran property investors suggest working with them.
Let us now study the various benefits landlords can enjoy while choosing to go with rental management companies.
With a property management company, you can be assured of the quality of tenants. A property management company in Delhi NCR follows a reliable verification process that helps to sift out tenants who pay rent on time and rent out for the long term.
Avoid legal hassles
By working with the top-ranking rental property management companies, you can avoid legal headaches, which is the case if you have bad tenants. The best property managers are well-versed with the property laws and can protect you from getting entangled in legal disagreements in cases of bad tenants.
Lower Maintenance Charges
If you work with a property management services Gurgaon company, you can use the firm’s in-house maintenance workforce for the general upkeep of your property. In turn, you save money that otherwise you would end up spending on hiring an external maintenance team.
Assured Rent Collection
Another benefit of working with a property management company is that you need not worry about rent management and collection. The property managers have you fully covered with the power to apply lease policies in cases of difficult tenants.
Retain the value of your property
A well-established rental property management company helps to maintain the value of your property, too. Property managers have several years of expertise and can help in detecting maintenance problems during the early stages.
Now, by conducting the mandatory repair works on time, you prevent the issues from worsening. In the process, you save expenses of more extensive and costlier repair works that you otherwise would need to complete at a later stage.
Preventive maintenance is key to maintaining and raising your property value when you rent your property. As part of preventive maintenance services, property managers carry out maintenance checks and inspections regularly and report efficiently.
The best NRI property management companies also provide valuable suggestions on whether you should opt for upgrades or modifications to increase your potential rental values.
Besides handling tenant complaints, property managers give detailed reports to the landlords. As a result, you do not have to get directly involved in the process and can get more free time to devote to other, more important matters.
Reduce tenant turnover
One of the advantages of property management services also lies in the fact that property management companies can help in reducing the tenant turnover rate. Tenants may also be willing to pay higher rent (if the landlord demands) if they are sure of the quality of services.
About LuXia LLP
We at LuXia have been managing properties of NRI and other clients for several years now. So, if you want to save yourself the trouble of scouting high-quality tenants and property maintenance jobs, only approach us.
We have a reliable screening process to get you good tenants who do not cause much wear and tear to your property or pose undue problems.
Contact us today to know about our best property management deals!
The real estate experts suggest understanding the impact of the Covid-19 pandemic before your property buying expeditions.
Buying a home imposes financial burdens on investors since they have to cough up money for the down payment and pay EMIs every month for several years. And the Covid-19 epidemic only adds to property investors’ woes.
Now, if you were planning to purchase a home this year, the unexpected turn of events may have left you wondering how to go about your plans from now onwards.
However, you should first understand how the pandemic affects the real estate market.
Real Estate Sector against the Covid-19 pandemic backdrop
For some time now, the realty sector has been tackling a credit crisis, slackening economy, and rising inventories. And, with the recent Coronavirus epidemic, the scenario seems to become grimmer.
Owing to the nationwide lockdown, most construction activities were halted. And many laborers were seen returning home due to uncertain times ahead. As a result, the construction industry has to grapple further with labor shortage in the near future. This will lead to disruptions in the recovery course of the real estate sector.
To complicate things further, several developers have taken large-scale loans. And, if they cannot redeem their value, they will be dealing with a liquidity crisis soon enough.
Having said that, the government recently advised the state governments and union territories to prolong by six months the property registration process and deadlines of all certified projects which will expire on or before March 25th, 2020. Also, they must comply with the stipulated instructions without any separate applications for further easing the stress of property developers.
Additionally, the Reserve Bank of India announcement to slash repo rate by 40 basis points to 4% will offer some relief to the developers. However, no clarity of when the realty sector will recover is yet coming forth.
The pandemic crisis from the Home-buyers’ standpoint
Conversely, if you’re a current home-buyer who has taken possession of your property and your income sources have not been affected due to the Coronavirus pandemic, then you stand to gain. Because home loan interest rates will touch new lows owing to the RBI’s latest repo rate cute notification.
The groups who are servicing a repo rate-linked loan can expect their EMIs to subside soon. On the other hand, those people who are servicing MCLR-based loans may have to wait for some time until the lender resets such loan rates.
Plus, lenders have been instructed by the Central bank to extend the loan moratorium option to borrowers by an extra 3 months. In turn, the borrowers can manage their finances more efficiently amid these extraordinary times.
Even so, you must note that this EMI holiday is not a waiver but only a repayment deferment. Besides, interest rates will continue getting accrued during these 3 months. In the process, your EMI burdens will start mounting – particularly, if you’ve recently started repaying your home loan.
Your best bet is to go for this facility only if you’re having financial troubles. Also, if you plan on availing this option, make sure you have a sustainable plan to prepay the accrued interest during the moratorium after the expiry of the EMI holiday.
Moreover, the government’s initiative to extend the deadline of the Credit Linked Interest Subsidy Scheme (which comes under the Pradhan Mantri Awas Yojana) to March 31st, 2020, could realize the home-buying aspirations of middle-class families amidst the ongoing economic hardships.
As part of this scheme, families having annual household incomes in the range of 6 lakhs to 18 lakhs per annum are eligible to avail the benefits of an upfront interest subsidy up to Rs 2.35 lakh on the approved home loan for one more year.
Nonetheless, if you have not yet taken possession of your property, you have to wait for some time because of construction lags. And if you’re looking to purchase a home, you might be better off with a developed property as compared to one that is under construction. Further, you could get better offers because the latest developments can drive property rates to go down shortly – many experts and property managers say so.
However, if you’re equipped to take some risks (including delayed completion or other market-linked ones), then you can consider investing in under-construction projects. Only be on the safer side by checking the builder’s record, credentials, financial holdings, RERA property registration, and bank partnerships before finalizing your plans.
So, how should you move ahead?
Keep in mind that the Covid-19 crisis will lead to property registration delays and other clearances. More so, since people are losing income sources, they may not be able to pay EMIs.
Simultaneously, the post-Covid-19 era will witness a fall in property prices because of low loan interest rates. Thus, prospective homebuyers should consider all related aspects thoroughly and take practical decisions.
Finally, if you’ve purchased a property recently or intend doing so after easing of lockdown norms, you may not want to delay purchasing a home-loan insurance policy or term insurance policy – so, you’re well covered. Talk to your property management company, real estate advisor, or financial planner for they can help to draw viable strategies.
The term ‘Gulabo Sitabo’ originates from conventional glove puppet theatres of Uttar Pradesh in North India. Also, the show has two heroines namely Gulabo and Sitabo. Sitabo is the jaded and overburdened spouse. And Gulabo is the enticing mistress of Sitabo’s husband.
Just like both protagonists Gulabo and Sitabo are constantly at loggerheads with each other, Mirza and Rastogi are wrangling throughout the movie ‘Gulabo Sitabo’.
By using our property management services and with our property manager being a single point of contact for you and your tenant we can help you avoid those uncomfortable conversations and dealing. In fact it helps a lot to use professional services both – as a landlord and as a tenant to avoid any disputes and for a comfortable “renting”.
GulaboSitabo – The Movie
Shoojit Sircar deserves applause for making people familiar with the intricacies of tenant and landlord relationships through this film.
The movie hovers around Fatima Mahal, which is a dilapidating mansion or Haveli in Lucknow.The owner of Fatima Mahal is Mirza’s wife, Fatima Begum, who is portrayed by Farrukh Jaffar. Amitabh Bachchan essays the role of Chunnan Mirza Nawab, who is the husband of Fatima Begum. And Mirza longs for the death of his wife so he can gain complete control of the haveli.
The rooms of Fatima Mahal are leased to several tenants; most of whom do not pay enough rent. One of the tenants of the haveli is Baankey Rastogi; Ayushman Khurana portrays his role.
However, Mirza and Rastogi are always squabbling. Because Rastogi fails to pay his long-overdue rent and comes up with different excuses for not coughing up the money every time; even though, Rastogi pays lesser rent than the other tenants.
Plus, Rastogi is constantly nagged by Mirza to clear the dues. Then, one day, in a fit of anger, Rastogi kicks the wall of a toilet block that comes tumbling down. This enrages Mirza and he demands Rastogi bear the wall repair charges. Expectedly, Rastogi refuses to meet Mirza’s demands, leading to legal tangles between them.
Save your “Fatima Mahal” by using our Property management Services
So, we have seen how Mirza lost his ‘Fatima Mahal’ because he did not avail the benefits of professional property management services. Do not be like Mirza, smarten up and save your property from being taken advantage of.
Call us now and let us discuss how our property managers can help you reap rich dividends with our viable solutions.