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Property Registration

Registration of Property is a full and final agreement signed between the two parties. Once a property is registered, it means that the property buyer in whose favor the property is registered is the legal owner of that particular property and is fully responsible for it in all respects. The law does not recognize unregistered owners and does not give them any rights over the property. Therefore, Registration of Property is Compulsory to prevent fraud or future litigation. GurgaonPropertybazaar is an expert friend that helps you solve all your problems for registration of property in Gurgaon.

 

A person should have some basic knowledge of the Acts and the documentation involved when registering a property in Gurgaon. This knowledge is helpful as he/she becomes aware of the time necessary for process, the fees that would be charged and the officials who deal with these tasks.

 

The laws that are important for property registration in Gurgaon are as follows:

 

1.     The Registration Act, 1908: This Act describes the formalities for registering instruments. It ensures the conservation of evidence, assurances title, and publication of documents and prevention of fraud. The instruments must be registered as well.

2.     Instruments of gifts of immovable property.

3.     other non-testamentary instruments (those not detailed in wills) which pertain to or operate to create, declare, assign, limit or extinguish, whether in present or in future, any right, title or interest, whether vested or contingent, to or in immovable property.

4.     Non-testamentary instruments which acknowledge the receipt or payment of any consideration on account of instruments listed above.

5.     Leases of immovable property from year to year, or for any term exceeding one year, or reserving a yearly rent.

6.     Sales, mortgages (other than by way of deposit of title deeds) and exchanges of immovable property by virtue of the Transfer of Property Act.

 

All the above documents have to be in writing:

 

Section 17 of The Registration Act:

1.     It provides for optional registration.

2.     Even if a property is not registered, it will not be null and void.

3.     An unregistered document cannot be considered as evidence in a court of law, under the provision of Section 49 of the Registration Act,

4.     Unregistered documents can be used  as evidence of a contract in a law suit of specific performance or part-performance under the Transfer of  Property Act or as collateral

5.     An unregistered document is not admissible as evidence in a court of law except as secondary evidence under the Indian Evidence Act.

6.     Urban Land (Ceiling And Regulation) Act  (ULCRA), 1976

7.     This legislation fixes a ceiling on the vacant urban land that a 'person' in urban agglomerations can acquire and hold.

8.     A person is defined to include an individual, a family, a firm, a company, or an association or body of individuals, whether incorporated or not.

 

Stamp Duty

 

When you buy a property, you need to register it with the concerned authority, so that a legal ownership is entitled to you. This property registration greatly reduces the chances of fraud and helps resolve disputes, if any arise in the future.

 

The registration of property requires the payment of registration fees and stamp duty. These charges vary from place to place.

 

Frequently Asked Question

 

What is the Home Registration Fee in Gurgaon?

Registration fee is an amount imposed by the government to record property transactions. Along with all the necessary documents, the buyer has to deposit this fee to record in an official register.

 

What is the Stamp Duty in Gurgaon?

Stamp duty is a form of tax which is levied by the government on legal documents.

Stamp duty is charged as a percentage on the transaction value. If the property is in the name of a Male citizen or Company, 7% will be charged. For a female citizen, 5% will be charged. If it is a joint ownership, 6% is charged.

 

When Do the Registration Charges have to be paid?

All property documents need to be registered within 4 months from the date of execution. This time limit is contained in Section 23 of the Registration Act, 1908. However, certain exceptions to this rule are contained in Sections 24, 25, 26 of the same act.

Additionally, these documents can be registered only after the registration fees and stamp duty has been paid. Even though there is no particular time limit on the deposit of registration charges, they essentially have to be paid before registration of documents; the documents however need to be deposited in 4 months.

 

Where to Deposit the Amount for Property Registration?

The actual registration and the payment of registration charges take place in the sub-registrar’s office. The Sub Registrar Offices in Gurgaon are situated in the following four districts:

·         Gurgaon

·         Sohna

·         Patodi

·         Farukh Nagar

 

The home registration fee applicable in Gurgaon is as follows:

 

Transaction Value

Amount

1 – 50,000

Rs. 100

50,001 – 1,00,000

Rs. 500

1,00,001 – 5,00,000

Rs. 1,000

5,00,001 – 10,00,000

Rs. 5,000

10,00,001 – 20,00,000

Rs. 10,000

20,00,001 – 25,00,000

Rs. 12,500

Above 25,00,000

Rs. 15,000

 

 

Property Registration in Gurgaon in one’s name, after having made the purchase, seems a very difficult task for everyone. The complete paper work and documentation formalities are worrisome for many as well. But not to worry! Gurgaonpropertybazaar.in is the most preferred way for getting your property registered in Gurgaon hassle free.

 

All kinds of property registration are always done at the Sub Registrar’s office. This office holds all records of previous property registration.

 

The formalities involved in the registration of a house are as follows:

 

1.     Careful scrutiny: This important process may take up to a week and may run up a cost of Rs.10,000/- The following details have to be carefully gone through.

·         Careful inspection of the location of the property in question

·         The legal ownership of the property in question, along with the date of purchase of the title deed has to be verified

·         If the property one is dealing with has been transferred to the present owner, the legal authority of the transferee has to be checked

·         One should check if the property has clearance from urban land ceiling authorities

·         One should examine that all dues, like water and electricity bills, and property tax have been made till date

 

2.     House Registration Agreement:  For a nominal fee of Rs 100/-, house registration agreement can be completed at the Local Stamp Duty Office. A week may be needed to complete this formality.

 

3.     Preparation of Property Sale Deed:

·         The help of authorized house registration attorney

·         The printing out of the final deed on a green paper

·         A Stamp Duty stamp is placed on the deed

·       As per the provisions of the Income Tax Act, 1961, Tax Deductible at Source is applicable from 1st June 2013 which is 1% of the Property transaction value. This Tax Deductible at Source shall be deducted by the BUYER from the Total Sale Consideration of the UNIT payable to the SELLER and the same amount shall be deposited by the Second Party/BUYER with the Designated Authority/Bank as appointed by the Government of India and a TDS Certificate & challan shall be provided by the Second Party /BUYER for the Tax Paid on behalf of the First Party /SELLER to the SELLER before completing the final sale formalities.

·         A time span of a week

 

4.     Final Registration:

·         This is carried out at the office of the Sub Registrar of Assurances

·         The deed or house registry is stamped, executed and finally registered in the presence of the seller , the buyer and two witnesses

·         The Stamp Duty involved is as per the bracket given above

·         It may take two days to complete

 

5.     Submission of Documents:

·         The completed house registration document is submitted to the Reader of the Sub Registrar of Assurances for examination

·         Then the buyer takes possession from the seller, after the submission of the payment receipt

 

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