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.
The property’s address, pin code, type (flat, plot, agricultural), and mode of ownership (buy, gift, lease) are all listed, along with the owner’s contact information. Name, age, profession, parent’s names, and evidence of ownership: At the moment the property is registered, the title deed, a power of attorney, etc.
Procedure for Registration of Property in India in 2023
In the year 2023, numerous states, including Kerala, Odisha, West Bengal, Karnataka, Tamil Nadu, Rajasthan, etc., have websites that are live and available for online registration. Kaveri Online Services, for instance, has been upgraded in Bangalore (https://kaverionline.karnataka.gov.in). On these websites for property registration, you can sign up as a user. As part of document registration, you can add information such as the execution date of the sale deed, the total number of parties, and other specifics. Together with ID documentation, property value, buyer and witness information, and information about the type of property you want to register are also required.
The application form and the registration form for your land are both available for download on the website of the state’s relevant body. The registration and application forms are also available offline at the office. Both rural and urban properties are governed by a Tehsil and are under the control of the State Government (taluka or mandal). Similar principles apply to the e-registration of real estate, including residential and business rentals. Only if the property is occupied or vacant will the procedure be different.
The following documents must be provided at the time of registering the property currently in 2023 in order to comply with the most recent standards for online property registration:
- Identity proof of parties- Aadhar Card, PAN card etc.)
- Two passport photographs of parties involved
- Sale deed
- Power of authority in case the party is representing someone else.
- If a company is a party then power of attorney/letter of authority, along with a copy of the resolution of the company’s board
- property card
- Acknowledgement of payment of stamp duty
- Registration fee
Registration of Old Property
Older properties were registered slightly differently than recently purchased properties. Although the governing law was the same, there were no online procedure facilities. Within four months of the transfer’s execution, registration must be finished. Before technology, it took the registrar’s office four months to return the filed documents. The documents can now be returned the same day according to the new registration requirements that will take effect in 2019 and 2020. Nowadays, it is simpler to register a property than it was to register a property from the past.
People who read this article also sought legal advice regarding the procedure of registering a property.
Types of Land Registration
The final and most crucial step after purchasing property is registration. It would be challenging to establish ownership in court if your property is not registered in your name. Having the property registered in your name is crucial in case there is a dispute in the future. Immovable property, such as land, can be registered in a number of ways:
- Complete Property Value: This is among the simplest and clearest methods for carrying out a property registry. Your property is registered for the full price you paid for it.
- If the value of the property exceeds the circle rate, you may register at the full value of the property.
Property Value Less Than Circle Rate: If the value of the property is less than the circle rate, you may register it. The discrepancy between the circular rate and the actual sale price of the property, however, is regarded as income and is taxed at rates according to the income slab.
- Bank Appraisal: While Banks may demand that borrowers either register a property at its full worth or
- Only relevant in the event of properties purchased in a bank auction, the sale certificate.
- Value of an Undivided Share/Value of a Sale Agreement: The most typical procedure is to register a property as an Undivided Share (UDS). The builder and the purchaser enter into the Sale Agreement and the Construction Agreement for a property that is still under construction. The flat/construction property’s costs are covered under the construction agreement. The property is registered by builders at the selling agreement value or UDS. To reduce the expense of stamp duty, this approach is used.
New rules for Property Registration in India 2023
Four months after the registration date, the required documents must be presented. Copies of the documents are now readily available the same day as of 2023 because to computerization. A piece of property cannot be used as evidence in court if it is not registered. Property that is not registered has no legal standing. If the property is not registered, no one can claim compensation in the event that the government acquires it.
Stamp Duty Charges & Property Registration in India, 2023
The central and state governments levy stamp duty, a fee that is imposed by the government on parties involved in property transfers. In accordance with Section 3 of the Indian Stamp Act of 1899, the purchasers are responsible for paying the stamp duty fees on the agreement of sales.
Stamp Duty charges differ upon state rules also depends upon:
- Property Status: Old or New
- Property Location: rural area, City area, etc.
- Owner’s age
- Owner’s gender
- Property utilization: Commercial or Residential
- Property type: Flat or house
Property Registration Act
In the year 2023, if you have engaged in a sale of real estate whose worth is greater than INR 100, you must register the transaction. Such registration is required by Section 17 of the Registration Act of 1908. The Registration Act specifies which documents are required and which are optional for the registration of property. The cost of registering varies by state. A property cannot be shown in court as ownership documentation if it is not registered. Ideally, property should be registered within four months after the transfer’s completion. The penalty for registering late may be excused for a maximum of an additional four months. Nonetheless, the paper must be presented.
Property registration is a complicated process, thus assistance from a lawyer is ideal. You should register your property as soon as possible and within the allotted time.
Contact The LuXia for Property Registration Services
LuXia’s property management services for Customers and Overseas Citizens of India includes property registration service so as to fastrack and facilitate the entire process.LuXia’s property managers ensure the successful registration of your property with complete credence and safety. Our team of property lawyers is backed by years of experience, thereby delivering maximum client safety. We carefully work on the complete process from document inspection to meeting with the local registrar.
LuXia will help you to get the registration on your behalf in India. You need not travel or spend time on this tedious process by using our property management services.
We provide expert property law services to ensure that our NRI clients are directed in the right direction and are not unnecessarily harassed by the government officials.
Our property managers will also help you in a timely arrangement of the payment methods (DD) for the registration and stamp.Our property manager and property lawyer will be physically present with you or your chosen POA holder during the complete registration process. We will accompany you throughout the entire process to ensure effortless registration of your residential property.
Just Call us on +91-9810505543 or visit here www.theluxia.com for more information