The transparency and computerization provided by the new GST tax regime and real estate laws by RERA are heartening more people to buy property in India. In addition, the introduction of the computerized property registration system in the country has facilitated and accelerated the process of ownership registration, allowing more buyers to invest in Indian real estate. These computerized systems have also made it unnecessary to negotiate with a middleman and make the valuation process more transparent. However, there are some key steps that, despite the computerized systems, a homebuyer must follow to legally complete the ownership of the house. To become a legitimate owner you must follow these guidelines of property registration process.
Property registration process in India
- Property Verification: The first step in getting a property registered in India is to first get the title of the property verified first. The property buyer should know the genuine owner of the estate, whether it the first sale from the property developer or the second sale through brokers or estate agents in India. In the event of buying a property from a previous owner, one should have complete knowledge of the first owner, as he/she would have the previous registers property documents. The buyer is obliged to get the property and its title verified before proceeding to the property registration.
- Property Value Estimation: The next step to getting a property registered in India is to estimate the actual value by a professional. Have this estimated value verified with the guideline or circle value in the area. This step of property estimation is crucial as the stamp duty must be paid according to the property value. The stamp duty to which you are entitled to pay is calculated on the basis of the area circle value and the estimated property value (whichever is higher).
- Stamp Paper Preparation: Once the buyer has determined the worth of the property, the next step he/she must take is to get the stamp papers prepared. For this, one has to calculate the stamp duty on the property and prepare stamp papers, which correspond to the price of the stamp duty, which one must pay. Buyer must purchase non-judicial stamp papers either online from E-Stamp papers or in person from licensed stamp vendors.
- Property Sale Deed Preparation: After that, the buyer must have the sales deed prepared. A property sale deed, also called conveyance deed, contains all the details and information about how a seller has taken possession of the property and the consideration for the sale of the property. It established the main proof of ownership of the property to the buyer and allows him/her to sell it to another property buyer in the future.
- Deed and Stamp Paper Registration: Since the stamp papers and the sales deed are prepared, it is time for the buyer to get these documents registered. To get the property sales deed registered in India, one must visit the sub-registrar office. Both parties (property buyers and sellers) must visit the Sub-registers office along with two witnesses to get the sale deed registered. Everyone is required to carry their identity documents, photos, etc. together with the original copy and two photocopies of the deed in order to register them.
- Property Registration Completion: The Property Registration process will be finished once all documents have been submitted to the sub-registrar’s office. The property buyer would receive a receipt as soon as the submission is complete and can approach the sub-registrar’s office after 7 days of deed registration to collect the original copy of the sale deed. While collecting the sale deed from the registrar, check the details with the registration details and other similar data to make no mistake.
It is imperative for property buyers that their property is registered with the government in order to become its legal owner. Not only would this eliminate the chances of the dispute regarding property ownership, but it would also make you the rightful owner of the house. So, if you are planning to buy property in India, make sure you get it properly registered by following given above property registration process.
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