Property registration procedure is an essential thing that one should never miss out on. Be it residential or commercial properties, investing in a property is always considered as a valuable investment. But, did you know that property buying doesn’t come that easy. There are a few legal property registration procedures to follow before you are entitled as the owner of the property. If one fails to do so, the amount invested might mean nothing in the future. So, be cautious and understand the property registration procedures in India to follow while you look and opt for buying properties. Here are the 6 steps to know about property registration procedure in India
Verifying Property: Under this step, one should verify the owner of the property as most of the properties are bought through brokers and property agents. Once the verification of the owner is done, it is easier to access the original documents of the property and then transfer the entitlement of property to the new owner
Estimate Value: Important criteria in property registration procedure is , Before an individual decides to buy a property, they would have a defined maximum budget. Always get the estimated value of the property and also verify with the area guideline / circle value. This is essential because under the process the new owner is entitled to pay the stamp duty based on the percentage of the property value. Stamp duty is usually calculated on the higher value among the estimated property value and the area circle value
Purchase of Stamp Papers: Post verification and estimation of the property, the next thing is buying of the non-judicial stamp papers to showcase the calculation of the property valuation. These stamp papers can be purchased online or in person.
Prepare the Property Deed: This step is an essential one as the preparation of the legal deed is in the property registration process. The deed is typed on the stamp paper that carries all the valuable information of transaction and property details in terms of lease, rent or ownership.
Get the Deed Registered: Now, after the documentation and preparation of the deed, both the transacting parties should approach the sub-registrar’s office and submit the deed for registration. Both the transacting parties should carry two witnesses along with identification documents, photograph, and original copy of the deed and two photocopies of the deed.
Completion of Property Registration Procedure: After submitting all the necessary documents and property registration procedure is completed, one gets a receipt. Post 7 days of the submission, one can approach the Sub-Registrar Office and collect the original sale deed. Once the original deed is handed over to you, always remember to verify the same by using the registry details and other data from the Registrar’s Office.
So, the next time do not miss out on these 6 steps of property registration procedure in India. Because property registration is a legal procedure to be followed in any metro and towns in India.
