Land Registration Process in India | Step by step procedure Explained
Land registration process ends up noticeably critical for the purchasers. After the execution of principles of RERA and GST in India this year, land division has seen a wonderful transformation for the two purchasers and real estate brokers. This time, tenets of RERA make home purchasers the lord, guaranteeing that shoppers are not misled.
Home buying in India is most nostalgic to individuals as it requires every one of their investment funds. Land is the most profitable resource of any individual or business. Your land purchase is inadequate without ‘registry.’ Only after you get the papers close by marked and stamped by the lawful, government authorities, you turn into the proprietor. The registration documents are a proof of your land ownership and assurance against infringement.
To recognize your landholdings and keep up your title deeds for the property you’ve purchased or plan to purchase in India, here’s an once-over of the land registration process that informs you concerning the imperative registration documents, registration fees and registration act. Try not to pass up a major opportunity for any of these ownership details.
Land Registration process and documents required:
The land registration process in India is governed by ‘Section 17’ under the Registration Act, 1908, pertinent to entire of India aside from the territory of Jammu and Kashmir. It ensures purchasers the title of the enduring property that is valued over Rs. 100.
- The property/land documents need to be submitted to the Sub-Registrar of Assurances within whose jurisdiction the property is located. For registration of the documents, the authorized signatures of seller and buyer need to be presented along with two witnesses.
- A proof of payment of stamp duty should also be presented to the sub-registrar along with the property card.
- The signatories should carry along a proof of identity with them for the land registration procedure.
- The documents that are to be taken as identity proof and are accepted for the purpose in India include Aadhar Card, PAN Card or any other proof of identity issue by the government of India.
- In case a real estate company is part of the property agreement, the person representing the company needs to carry authorized, related registration documents like the letter of authority or power of attorney based on the stamp act and registration act.
- In any case, if there is a deficit in the stamp duty , the sub-registrar has all the rights to reject your registration procedure and registration documents.
Land registration fees in India:
Ordinarily, registration fees and stamp duty are not same in all states of India. It ranges from 0.5-3% of the value of the property. This is subjected to a maximum of certain value or the % charged, whichever is less. For example, in the eastern states of Meghalaya, Manipur, the registration fees is 1% of the property value subject to a maximum of Rs. 30,000. Along these lines, on the off chance that you purchase a land of Rs. 45 lakhs, rather than paying that 1% which calculates to Rs. 45,000, you have to pay the maximum value of Rs. 30,000 as the registration fees. This price changes when you live in Bihar as the land/property registration fees is 2% of the property value.
Also, the stamp duty is built up on the agreement value or the market value and may shift from property to property and state to state.
On the off chance that the purchaser happens to be a female, there is a refund given in the registration fees and stamp duty charges.
Timeline for land registration process in India:
- Documents that are compulsory to be presented to the sub-registrar should be submitted within four months from the date of execution.
- If by any chance, you fail to submit within the timeline, you need to present an application to the sub-registrar stating a solid reason for the delay. The registrar may accept your delay application and will allow you to take the registration process further on a payment of fine that is ten times the original registration fee.
- In case the document is executed abroad, it ought to be registered within four months of its arrival in India.
Online Land registration process of land in India:
The property registration strategy in India is not any more difficult with the presentation of modernized/online property registration frameworks. They have rather expelled the mediators from the process and prompted more straightforward valuation. Presently, you can pay beginning duties like stamp duty by means of online mediums and the related property registration structures can be download online. Be that as it may, despite everything you can’t do away without setting off to the sub-registrar office for finishing the customs against registration fees and submission of registration documents.