If you own a piece of real estate, you should realize that it has the potential to bring in a lot of money. When it comes to property transactions, buyers and sellers are expected to pay a wide variety of taxes due to the regulations governing property registration Delhi. The Indian Registration Act of 1908 governs the registration of papers.
Is it necessary to register your property in Delhi?
The term immovable property refers to the physical qualities of land and structures, as well as any rights that may be associated with them. Section 17 of the Registration Act of 1908 mandates that all transactions related to the sale of property ownership with a value of more than Rs.100 should be recorded.
In basic words, this implies that all transactions related to the sale of immovable property must be registered since no immovable property may be purchased for merely Rs 100. It’s also necessary to document any transfers involving real estate gifts that last longer than a year, including leases.
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Delhi property registry’s workings
Among the properties that must be registered are non-testamentary documents and transactions involving the sale of immovable property with a value of more than Rs.100, Leases of the underlying assets from one year to the next, as well as contracts for the transfer of the property for a reason stated in Section 53A of the 1882 Transfer of Property Act.
Foreclosure, Credit agreement, Memorandum of partitioning by the officer, and other documents are not required to be registered. Granting of real estate under the government’s rules is not permitted to hold on to a property for more than a year.
The Sub-Registrar of Assurances, whose authority encompasses the property where the transfer takes place, must receive the documentation needed to register the transaction. Proof of identification, such as an Aadhaar, PAN Card, or other government-issued ID, must be presented by the signatories.
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When signing on behalf of others, signatories must also have the authorization to do so. That is why registration fees in Delhi must also be adhered to. For example, let’s say a business entity is involved. To register, you will need to provide a power of attorney or certificate of authorization, as well as a letter from your company’s management authorizing you to act on their behalf.
With the original paperwork and evidence of stamp duty, you’ll also need to bring in your property card. Before registering the property, the sub-registrar will check to see if the appropriate amount of stamp duty has already been paid for the property, as determined by the stamp duty quick reckoner.
See also: All about stamp duty and registration charges in Maharashtra
The essentials of land registry in Delhi
Documentation
Several papers are required for registration. You’ll need several different paperwork in addition to your ID and financial records to complete the registration process, including the following:
- A no-objection certificate (NOC) from the society
- A statement from the community including all necessary building information, such as the number of storeys, the year of completion, and the built-up area
- Xerox of the municipality’s most recent assessment bill
- Copies of property cards
- If the land isn’t acquired directly by the builder, certified and notarized transfer documents will be required.
See also: Can stamp duty be refunded if a property deal is cancelled?
Registrar and fees associated with registration
Property registration fees in Delhi must be paid to finish the procedure. Nonetheless, consultation with the Sub-Registrar of Assurances is the first step in the procedure. Meanwhile, it would help if you make arrangements to pay fees, which amount to around 2-3% of the property’s market worth. You must pay the full amount before the property may be registered with the local government authority. Once you’ve received your token number, you’ll need to pay the registration cost using a check or money order.
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Adjunction
Following the payment of property registration fees, calculating land and property’s market value begins. This number aids you in determining the appropriate stamp duty rate for the property in question. In the case of heritage assets, adjunctions are critical since the registrar’s office is unlikely to have all of the most recent information on the deterioration of an architectural feature. The adjunction has a validity period of about six months. However, it should be completed within the same month if the agreement is signed. Furthermore, any delay results in unnecessarily high-interest rates.
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Witness
In the case of cultural properties, adjunction is crucial because the registrar’s office may not have all of the latest information on degradation. They must be present during the whole procedure and provide identification that is current and genuine. In an ideal situation, witnesses would be individuals that you are familiar with. In order to complete the process, you must produce two witnesses, who must all sign in front of the registrar. Identification documents such as a driver’s license or a voter’s identification card and passport may be used as identification documents. Under no circumstances can you assume their duties to be purely academic in nature.
Obligations
After all the processes and data are completed, the paperwork is returned to you for registering with all of the Delhi property registration details. Either you or someone else can take care of the collection, but it’s best if you take care of it yourself. If you’ve taken out a mortgage, your bank is likely to handle the paperwork, or you may gather and deliver it to them. If you don’t have the registration receipt, you won’t get the paperwork for around 15 days after registering.
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What you should know about Delhi’s online property registration
A large portion of the land registration procedure may be completed online in most Indian states. A portion of the registration procedure may be completed using online services based on where you reside. It’s still necessary to make a final appearance before a sub-registrar with the vendor and two witnesses in order to consummate the sale. Your registered property paperwork should be collected from this office after the online property registry in Delhi is completed.
Know all about: Properties in Delhi
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