Buying a home of their own is one of the biggest aspirations of an average Indian. With all the consideration, planning, and paperwork involved, purchasing a home or piece of land may be a time-consuming undertaking. The entire process of purchasing real estate in India is lengthy and involves several procedures that may vary from state to state, starting with the original choice to buy a home or piece of land and continuing through managing funds, registration, and documentation.
The next step after choosing a residential property is to get it registered in your name. Even if the buyer has paid the seller the total finalised amount, the ownership is not regarded as legally effective unless the property is registered.
According to Section 17 of the Registration Act, registration of real estate in India is mandatory until and unless its worth is less than Rs 100. Once stamp duty and registration costs are paid, the property is registered in the name of the new owner.
The registration of real estate in India is a complicated procedure with potential long-term effects if not done correctly. As a result, you must exercise caution when registering any property. The buyer must verify that the previous owner has cleared all of his dues by checking the documentation pertaining to when and how the property is transferred from one owner to another. The encumbrance certificate must also be examined for any pending lawsuits or mortgages.
Residential property registration is the final contract that specifies all the terms and sums on which the property is being sold. You must submit several papers and pay a duty charge to complete the registration. Document filing serves as a record of the sale’s execution.
Documents required for Property Registration
Passport-size photographs of buyer and seller
Identity proof of both the parties- Aadhar card, Pan Card
Construction completion certificate
Payment receipt of Stamp duty and registration fee
Latest property registers card copy
A copy of the municipal tax bill
NOC (No Objection Certificate)
Power of attorney
Property Registers card copy
Verified Sale deed copy
The required documents must be registered within four months of the sale deed execution. You can submit an application to a sub-registrar with a justification for the delay in case the submission window has been breached and pay a penalty for the same. Document registration may take up to 7 days depending on the location of the property.
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