Property Registration Service in Mumbai
Hemant Enterprise Provides Best Property Registration Service in Mumbai
Do you want to register your property in Mumbai? Hemant Enterprises can help you register your property in Mumbai. In order to formalise ownership, occupantship, or other property rights, each state in India has its own set of procedures for registering real estate. This usually involves working with a department or agency of the government to establish ownership, speed up transactions, and stop the sale of the property without permission. Each state will specify its representation, authority, and responsibilities with regard to the ownership of property within that state because each jurisdiction has different criteria for the information gathered and the protection provided by property registration.
As part of the nation’s “Digital India” initiative, state administrations in India have started taking steps to offer residents internet services for property registration. We aim to make property registration simpler than it has previously been with this programme. This implies that there is no longer a requirement for you to register your property by travelling to several government offices and waiting in line. The greatest property registration service in Mumbai is provided by Hemant Enterprises despite the considerable work involved.
IS IT REQUIRED TO REGISTER YOUR PROPERTY IN MUMBAI?
According to Section 17 of the Registration Act of 1908, property registration is the legal procedure needed to register documents about the property with the local authorities. As a result, you cannot register your freshly acquired property in your name. As part of the procedure, homebuyers or property owners must pay their respective state governments a predetermined proportion of the transaction’s value in stamp duty as well as a 1% land registration fee. A few documents and the advice of the Best Corporate Lawyers In Mumbai are needed for property registration. Always get in touch with them.
DETAILED INSTRUCTIONS FOR REGISTERING YOUR PROPERTY IN MUMBAI:
A significant amount of paperwork is required for the challenging process of property registration. The process of shifting ownership is challenging. Buyers of real estate must be made aware that costs associated with ownership transfer, such as stamp duty and registration fees, exist. The main objective of registration is to keep a record of the document’s execution. Before it is registered, the document does not become enforceable or, if necessary, transfer ownership to the legitimate owner. Simply put, a notice of inference will only be sent if the loan applicant and lender’s agreement has not been registered. This intimation notification will be sent within thirty (30) days after the purchase of the Property. Hemant Enterprises provides the best property registration service in Mumbai.
The following methods can assist homebuyers in easily registering their residences:
- Confirming the ownership of the land
- Estimating the value of the land, creating the stamp documents for the property,
- Drafting the sale deed
- The payment of the stamp duty and registration fees
- You should go up to the Sub-Registrar to hand over your registration paperwork.
THE PAPERWORK NECESSARY FOR REGISTERING THE PROPERTY AT THE SUB-OFFICE REGISTRAR IN MUMBAI:
- Two passport-size pictures on each copy of the documentation, with a non-judicial stamp worth the deal amount,
- A fully drafted sale agreement (seller and purchaser).
- E-stamp paper with the appropriate stamp duty amount.
- A copy of the PAN card;
- An electronic registration fee receipt with the undertaking.
- Individuals’ original forms of identification (seller, purchaser, and witness).
- A TDS receipt if the value of the property is greater than Rs. 50 lakh.
All prior real estate (land) and residential property ownership transactions must be attested to by the buyer.
Lead India’s top lawyers are available to represent you and assist you in any manner they can. If you are a property buyer or if you have purchased a property anyplace in India, you will need the Best Property Registration Service Provider in Mumbai in order to register your property at the sub-office.
WHAT IS LAND/PROPERTY REGISTRATION AND WHY IS IT NECESSARY IN MUMBAI?
Land or property registration is the process of recording immovable property transactions and ownership changes. To ensure that you have a legitimate ownership title, you must register any land plots or other real estate you buy with the appropriate government agency. This not only establishes and maintains a current public record, but also significantly reduces the risk of fraud and streamlines the dispute resolution process.
WHAT DO YOU NEED TO DO TO REGISTER LAND/PROPERTY IN MUMBAI?
The computerised Land and Property Registration system makes registration straightforward. It promotes transparent appraisals and eliminates middlemen. You may need to file an application to the Sub-Registrar or the SDM in your area, depending on the state. The application form may be picked up in person at the appropriate authority’s office or obtained online. All necessary information is verified before the Deed is prepared and the registration process is complete.
In India, you must register a piece of real estate that you buy for more than Rs 100. Land registration is governed by Section 17 of the Registration Act of 1908. An immovable piece of property needs to be registered if it is sold or bought. If the property is not listed in the buyer’s name in the public records, they will not be the legal owners and will not be able to challenge that ownership in court in the event of a disagreement.
Finding a desired property these days may be easy, but registering that property may be challenging. We have put together a thorough guide on land property registration law, procedure, costs, documents, and much more to make online property registration easy for you.
IS PROPERTY REGISTRATION MANDATORY IN MUMBAI?
According to Section 17 of the Registration Act, it is required that you register your property in India. If the property is worth less than Rs 100, registration is not required. Once stamp duty and registration costs are paid, the property is registered in the name of the new owner. State to state differences exist in stamp duty and registration fees.
LAWS APPLICABLE ON PROPERTY REGISTRATION IN MUMBAI:
The following laws apply to property registration in India:-
Registration Act, 1908: Under section 17 of the Registration Act, 1908 it is suggested that the sale of all immovable property worth above Rs 100 should be registered.
Indian Stamp Act, 1889: It is mandatory to pay stamp duty on property documents that are to be registered.
THINGS TO CHECK BEFORE REGISTERING A PROPERTY IN MUMBAI:
Property registration in India is a tricky process, and it can have long-term consequences. Thus you need to be cautious while doing registration. Here are a few factors which you need to keep in mind while registering a property:-
Chain of documents – The buyer must cross-check the documents related to when and how the property is transferred from one owner to another.
Due clearance – Before buying the property, check for the electricity bill, water bill, taxes, etc. Should be cleared and updated.
Calculation of stamp duty – based on the property’s market value, stamp duty is calculated, and it varies from one state to another.
Deed preparation – The terms and conditions, buyer and seller details, etc., must be drafted in a deed. It can be a sale deed, gift deed, lease deed, etc.
Encumbrance – The encumbrance certificate ensures that the property is free from legal disputes and mortgages. The buyer must check this before buying the property.
DOCUMENTS REQUIRED FOR LAND REGISTRATION IN MUMBAI:
Document submission is one of the most important steps during land registration. The purpose of document submission is to record the execution of documents. You should register the documents within four months from the date of execution. If the limit is expired, you can send an application to a sub-registrar with a reason for the delay. A sub-registrar might agree, but you will have to pay the penalty. The registration of documents will take up to 7 days; in metro cities, it takes 2-3 days, and in rural areas, it might take up to 7 days. To avoid any delay, you must keep the following documents ready:-
- Passport size photographs of buyer and seller
- Identity proof of both parties- Aadhar card, Pan Card
- Latest property registers card copy
- Power of attorney
- Property Registers card copy
- A copy of the municipal tax bill
- NOC (No Objection Certificate)
- Verified Sale deed copy
- Construction completion certificate
- Payment receipt of Stamp duty and registration fee
LAND REGISTRATION PROCESS IN MUMBAI:
To register a property in your state, you will have to follow the given instructions:-
- Based on the circle rate in that area, estimate the property value.
- After calculating the property value, you must purchase a non-judicial stamp paper. The stamp paper can be obtained online or purchased from a licensed stamp vendor.
- Based on the nature of the transaction, a deed must be typed on the stamp paper. This deed can be a sale deed, gift deed, etc.
- To get the deed registered, both the seller and buyer should approach the sub-registrar office, along with two witnesses. The buyer and seller should carry photographs, identity proof, and other necessary documents.
- You must pay the registration fee before the property registration
- The submitted documents are verified, and a receipt will be issued after the deed is registered. To collect the sale deed, visit the registrar’s office after two to seven days.
ONLINE PROPERTY REGISTRATION IN MUMBAI:
Now that technology is reaching new heights, you can now register property online. However, such a service is available only in a few states. You can calculate the stamp duty, pay the stamp duty and registration fee online, and receive a payment receipt on a website. You should make a payment using Net Banking/ debit card/ credit card or a payment bank.
GUIDELINES FOR ONLINE PROPERTY REGISTRATION IN MUMBAI:
As we discussed above, In India, few states are permitted to offer online property registration services. If your state is offering such a service, then you must keep these guidelines in mind:-
- You must check if the state (where the property is located) has an online property registration portal
- You can avail of only the following services on an online portal:
-Check stamp duty rates.
-Pay the stamp duty and registration fee.
-Receive payment receipt online
- Visit the sub-registrar’s office to complete the registration process with your payment receipt.
- Pay the TDS of 1 % on property value online if the property value exceeds Rs 50 lakh.
- While doing an online registration process, provide information- name, address, type of property, ownership status, description of the property, and proof of property.
FACTORS AFFECTING PROPERTY REGISTRATION CHARGES IN MUMBAI:
The registration fee of a property is decided by considering various factors like:-
- Property type – The registration fee is different for commercial and residential property. A higher price is charged for commercial property as it is built for business purposes and requires additional amenities.
- Age of the property – The registration charges are high for a new property compared to an old property. In the case of an old property, time would depreciate the value from the time it was constructed.
- Transfer type – Registration charges are less if the property is registered as a Gift Deed and if the title is transferred to a family member. The government charges a standard registration fee if the property is purchased from a non-family member.
- Property location – Registration charges are high if your property is located close to the bus station, railway station, or airport; in developed towns and metro cities, the registration charges are high.
- Owner’s Gender – The government provides a discount if the property is registered under the woman’s name.
- Amenities – The registration charges are high for amenities such as the library, gym, swimming pool, clubhouse, etc.
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The Head office of Hemant Enterprises is located in Mumbai Khar.