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In India, as per the Indian Registration Act, 1908 it is mandatory to register the transfer of property with the appropriate Registrar. The immovable property transferred has to be registered to obtain the rights of the property transferred.
So you've found the place you want to buy or found a buyer for your property, so you get an agreement prepared. There is no underestimating this document, given the large sums involved in property deals. This agreement will cover comprehensively the terms on which the sale will take place, the conditions, and the date on which the sale will be completed. But what next? Once this document is signed and executed, it needs to be stamped and the duty needs to be paid. Together, this constitutes the property registration process.
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Steps included in Property Registration:
Listed below are the documents required for Property Registration:
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You would need to pay stamp duty as well as registration fees, both of which are calculated on the value of your property. Costs vary significantly from one state to the next, with some states even factoring in even the gender of the applicant.
Stamp duty is a percentage of the transaction value. In Delhi, for example, stamp duty is collected at 4% of property value in the case of a woman and 6% in case of a man.
Yes, you would need to be there in person for the property registration. You would also need two witnesses to be present.
The property will be registered that very day, but it could take a week to get all the documents in order.
The registration takes place at the office of the Registrar or Sub-Registrar.
You don't need an advocate, but it's best to have a professional go over all the documents and assist you in the registration process.
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