Accommodation Times News Services
By Advocate Vijay Singh
As per the Law, one cannot own a property if he has not registered under section 49 of the Indian Registration Act, 1908. A certificate of Registration is the proof that a document has been registered; it is not proof that it has been executed. A property is said to be registered if and only if the stamp duty and registration charges are being paid and having it legally recorded at the sub-registrar’s office. Registration is done after the parties execute the document.
TIME LIMIT FOR REGISTRATION
The agreement should be registered with the Sub-Registrar of Assurance under the provisions of the Indian Registration Act, 1908 within four months from the date of execution of the document.
WHAT HAPPENS IF THE PERSON FAILS TO REGISTER?
If a person fails to register within the time limit then they can register by making an application to the Sub-Registrar of Assurance within a further period not exceeding four months and by paying appropriate document.
If the property is purchased from a developer, registering the property amounts of an act of legal conveyance.
SECOND OR THIRD TRANSACTION OF THE HOUSE
If it is the second or third transaction for the property, it could involve a duly stamped and registered transfer deed. The sub-registrar verifies the document to ascertain whether it is legal to register it. He further verifies that the full stamp duty is paid. In his presence the parties involved admit that they have executed the document presented for registration and are personally identified by two independent witnesses and sign in his presence. The signature and thumb impression are taken. He then puts his official seal on each page and puts a unique numbering block on each page of the document including the additional pages. On the last page he signs the document as being registered. The contents of the document are being recorded which can be done by either scanning or taking copies of it.
The document should be written in English, Hindi, Marathi and Gujarati only.
TIME DURATION TAKEN FOR DOCUMENTS
If a person has all the right documents then the procedure can be completed quickly. The documents are returned within an hour or so due to computerized process after February1, 2002. The documents may take few years if documents are lodged for registration prior to October 1, 1995 since they are sent to Pune.
Documents required for registration:
Adjudication: The process in which the value of a property is ascertained is known as adjudication. If the document is signed, adjudication must be done within one month, else two per cent interest per month will be charged. Adjudication is valid up to six months or till December 31st of a particular year, whichever is earlier.
Registration fees: The sub-registrar will determine the amount of the registration fees. He will issue a challan. Pay the registration fees by challan/pay slip from any nationalized bank as per the procedure laid down by the respective Sub-registrar.
NOC (No Objection Certificate):
NOC (No Objection Certificate) is required in case the land belongs to a government, semi- government body or a charitable trust, NOC of such government or charitable trust under the Urban Land Ceiling Act is required if the area exceeds 500 sq mts in Mumbai.
Property Card of the land on which the property is being registered or is located
Documents and its copies:
The documents should be typed or printed one side only with black ink only and must have butter paper between papers.
Proof of identity:
Proofs with photographs are required which can be Copy of driving license, Passport, PAN card, Driving License, Employee ID, Voter ID or Proof of your address.
BENEFIT OF DEPRECIATION
If property sold or purchased is in the old building and the benefit of depreciation is claimed on the market value then one must produce any one of these documents.
- The municipal assessment bill of the building
- Building Completion Certificate
- Original registered agreement between the buyer and builder or of any other flat in that building.