Home buying in India concludes with property registration. Several new rules for property registration in India came into existence now. Hence, we listed the Property registration FAQs that every buyer must know. Every buyer in the county has to follow the registration act 1908 to complete the procedure for registration of property.
Here are the Property Registration FAQs you must know:
Q: Is it mandatory to register property purchase documents?
A: According to the provision of Act, a person is required to register property documents like papers related to the gifting of a property. The property document that declares an entitlement of a property valuing to more than or equal to Rs. 100. Apart from this, papers of the property with a lease of one year or more.
Q: Is there a time frame to complete the property documents registration process?
A: Four months is the maximum time for the property document registration. A person can register his/her will anytime as per the choice.
Q: What are the consequences if a person fails to register a property purchase deal?
A: A property purchase deal is said to be illegal in the eyes of laws as it does not hold the signature of any authorized person from the respective Government or the municipal corporation.
Q: Does a Sub-registrar hold the right to decline the application of property registration?
A: Yes, the sub-registrar has the right to reject the property registration application in three scenarios:
Firstly, if the language used in the application is not comprehensive. In case the document is written in a language that is different from the officially used language, then the sub-registrar can turn down the property registration application.
It is mandatory to attach a translated document in this case.
Secondly, if the application document comprises of interlineations, blanks, erasures or alterations. The sub-registrar can reject the property registration document if he/she finds any such issues in the application.
Thirdly if the property layout plan and map are missing. The sub-registrar can reject the property registration application if he/she finds these two essential documents missing at the time of registration. These two documents verify that the registration process is being conducted for the same immovable asset and hence is not fraudulent activity.
Q: What is the punishment for providing the wrong details at the time of property registration?
A: According to Section 82 of the Act, a person is entitled to imprisonment for a maximum of seven years and fine or any one of these. The fine of Rs. is a specified amount.
Q: Property registration charges are fixed by whom?
A: The Union Government fixes registration charges while the State Government levies the stamp duty charges. The stamp duty charges differ from state to state. However, the buyers are required to pay one percent property transaction value as the registration charge.
In some states, the person is required to pay a prefixed amount of charge for searching of the registers to find records related to their property, for making copies of the essential property documents, and more.
Q: Is there a time limit for the collection of property registration papers?
A: The property registration papers must be collected within two years or 24 months of completing the registration process, failing to which the office can discard the documents.
Some states offer rebate on property registration for women homebuyers. This has increased the number of female buyers in the property market as she feels more secure and independent. The Indian real estate has witnessed a surge in demand for residential inventory due to the rebate offered on property registration for women.