Registration Act, 1908, Section 17, states the governance of property registration in India. The Act applies in all Indian states with the exception of Jammu & Kashmir. This act points to the requirement that you need to register changes in transactions and ownerships that fall under land or immovable property.
You have to register with the authority allotted for this purpose to guarantee the legal title of the land or immovable property. Plus, the prime benefit of registering the property is to settle disputes or ownership that many arise in the future with ease. Along with this, it will help to curtail any risk related to any type of fraud. Also, it will in turn help the government in carrying out surveys, censuses and public database maintenance procedures.
The process of management is quite easy these days with no middlemen involved. The process too is computerized. If you are thinking of buying a property in Mohali, read on to know the steps involved in registering a real estate property in Mohali:
Details of property in Mohali
You would have to provide property details and other important documents during the process of registering it. Apart from keeping a ready stack of the required documents for presenting before the sub-registrar, you will also have to take an appointment prior to visiting him/her. The following steps occur on visiting the sub-registrar.
Date of stamp and date of execution
Date of stamp is the date on which you purchase the stamp paper. On the other hand, date of execution is the date on which executants put their signatures on the document. The date should be within 4 months of registering the property. Here, the sub-registrar carries out a document classification according to the registration act and stamp act.
Considerable amount and market value
A considerable amount is the amount that has been agreed to or actually paid for the immovable property. On the other hand, market value is decided by the market value committee. You will have to pay the stamp duty and registration charges in Mohali on the market value as part of the steps involved in the registration process.
The stamp duty is a government tax and is charged on all property transactions that are legal. The sub-registrar checks the stamp duty calculation.
Take a note of these steps when buying property or investing in real estate in Mohali; you’ll have the right know-how when going about the process.