How to register a property
Here are some basic things you should look at.india Updated: Dec 03, 2011 00:19 IST
Here are some basic things you should look at.
Where should you register?
Each city has offices of the registrar or sub-registrars. For example, Delhi has around 13 registrar offices. You need to go to the registrar of the locality in which your property is.
What documents do you need?
Primary market: For registering a newly built apartment, your developer needs to obtain a completion certificate from the local authority; s/he will give you a copy, along with the letter of possession.
Secondary market: Here, apart from the sale deed, you need to submit property tax papers and a letter from the resident’s welfare association of the society or area mentioning that you are the new owner of the flat. If there is a home loan, you will also require a no-objection certificate from the lender.
What is the registration fee?
Currently, the registration fee is 1% of the market value of the property or the applicable circle rate in the city, whichever is higher. However, every state government has an upper limit.
How soon do you need to register?
In the primary market, usually the developers do the registration. In the secondary market, you need to register the sale deed within the period mentioned in the deed, mutually agreed upon by you and the seller.
Why should register your property?
Registration of property is mandatory by law.
First Published: Dec 03, 2011 00:17 IST