Compulsory Registration Of Land (Delhi Requisite)

Contents  hide 

1 INTRODUCTION

2 OBJECT OF REGISTRATION OF ACT

3 PURPOSE OF REGISTRATION OF PROPERTY

4 REGISTRATION UNDER LAW

5 DOCUMENTS REQUIREMENT

6 STAMP DUTY PAYABLE IN DELHI

7 PROPERTY DUE-DILIGENCE

8 CONCLUSION

9 Related

INTRODUCTION

Registration Of Land-The Registration Act, 1908 serves to record and register documents/instruments correctly; giving them more authenticity. Registration means the documenting with the registrar of the contents of the document and the retention of copies of the original document. Documents are register for the purpose of proof retention, title assurance, advertising of documents and provisional registration.

OBJECT OF REGISTRATION OF ACT

In the case of Suraj Lamp and Industries Pvt Ltd. v. State of Haryana[1] the purpose of Registration have been discussed

‘The Registration Act, 1908, was enacted with the purpose of providing orderliness, discipline and public notice with regard to immovable property and protective transactions.’

PURPOSE OF REGISTRATION OF PROPERTY

• The same property not sold to someone else until the papers register in your name and the necessary stamp duty is paid at the registrar’s office.
• It serves as conclusive ownership of the land and the building if any on it and the state guarantees your right to the property.
• Future property transactions are quicker and more efficient.Pre-sales deals or other dealings with the seller ought not to be sent.
• You get access to civil rights that guarantee the property’s enjoyment. So, it is likely to sustain against any trespasser or intruder.
• You can easily gift, assign, or sell the property registered in your name.

REGISTRATION UNDER LAW  

It is mandatory, in accordance with Section 17 of the Indian Registration Act, 1908, to register documents relating to the transfer, selling or lease of land. Registration Of Land fees have to charge by the buyer of the property over and above the stamp value. This is measured at the rate of 1% of the market value or the value that the buyer and seller agree on, whichever is greater. Registration in Delhi can done online as well as offline.

However, despite the online mode, you will have to take print outs of all documents for your region to the Sub-Registrar of the revenue department. For both the online and offline modes, the documents needed remain the same. In Delhi, the Revenue Department manages property registration via the 15th Sub-Registrar Office of the subdivision concerned. Eleven districts and 33 subdivisions are in Delhi, three per district.

DOCUMENTS REQUIREMENT

• Two passport-size images of both versions of the buyer and seller’s selling deed.
• E-Registration Fee Receipt of an Enterprise Registration Fee / Affidavit.
• E-stamp paper with the value needed.
• A self-attested copy of Pan Card or Form 60 if the transaction is for more than Rs.5 lacs
• Initial ID Verification of the Parties involved (Seller, Buyer, and Witness) such as voting card, pan card. Passport, driving licence, Aadhar Card and power of attorney/board resolution in the case of companies.

STAMP DUTY PAYABLE IN DELHI

Stamp duty is a kind of fee paid for assets under its authority by the state government. The stamp duty is applicable to a variety of property forms, such as farming, independent homes, flats, townships, industrial units, etc. In various states, the percentage of stamp duty levied varies, and the rates will be checked annually in January. There is a measure of the stamp duty payable as a share of the property value.

In some states, for men and women, the stamp duty varies and the measure is based on the sex of the person in whose name the property is registered. This target encourages women’s ownership of land. The obligation for women in Delhi is 4 percent and for men, 6 percent is pay by the Delhi government. In addition, this figure is at 5 percent for joint ownership of land. The Delhi government uses “circle prices” to measure the stamp duty. The properties in the entire city of Delhi have been divided into 8 categories: Category A, Category B, Category C, Category D, Category E, Category F, Category G, Category G[2].

PROPERTY DUE-DILIGENCE

It is necessary to carry out thorough due diligence on the validity of the title to the property using a lawyer experienced in property matters before purchasing a property. Some of the essential areas that must be checked during a property document review are as follows:

Parents Documents: A crucial legal document that helps identify the ownership of property is the parent document. In the event that no parent document is available (for example, the purchasing of a flat document), approve copies of the parent document should be obtained from the registry authorities.

Building Plan Approval: If there is a building on the land or there is a structure on the ground, the approval of the building plan must have been obtained from the relevant authorities. To ensure there are no anomalies; building plan approval may be test against the actual built-up property.

The Encumbrance Certificate will provide an insight into all the transactions conducted on the land. Certificate of entitlement checks for proof of mortgages, changes of title, or other legally recorded transaction affecting the asset. To ensure that there are no unexpected liabilities attached to the land, it is necessary to obtain an encumbrance certificate for up to 15 years.

Receipts from Land Tax: To ensure that property taxes have been charged by the date of sale, review the property tax receipts. It is also necessary to ensure that the name of the owner on the receipt of property tax corresponds to the seller’s

CONCLUSION

By taking into consideration all the information mentioned above. The process of registration has modified and simplified over the years by the government. Registration Of Land are online too for the consumer to get work done by sitting at home. Registration is a crucial step and should done at the earliest to avoid any hassle in buying property.

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[1]Ganshyam Singh, Suraj Lamp and Industries Pvt Ltd. V. State of Haryana, IBC laws (Date accessed 12 January, 2021), https://ibclaw.in/suraj-lamp-industries-private-limited-2-v-state-of-haryana-anr/

[2]Delhi loan revised, My Loan Care, My loan care.in (Date accessed 13 January 2021) https://www.myloancare.in/delhi-circle-rate-revised/