In India Property Registration is mandatory to register all property transactions as per the provisions of the Registration Act, 1908. The transfer of immovable assets has to be recorded to obtain the rights of the property on the excution date of the deed.
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The property documents that need to be registered, should be submitted to the office of the Sub-Registrar of Assurances with in whose jurisdiction the property, which is th esubject matter of transfer, is situated. The authorised signatories for the seller and the purchaser, have to be present along with two witnesses, for registration of the documents.
The signatories should carry their proof of identity. The documents that are accepted for this purpose, include AadhaarCard, PANCard, or any other proof of identity issued by #a government authority. The signatories also have to furnish the power of authority, if they are representing someoneelse. In case a company is party to the agreement, the person representing the company has to carry adequate documents, like power of attorney / letter of authority, along with a copy of the resolution of the company’s board, authorising him to carry out the registration.
You need to present the property card to the sub-registrar, along with the original documents and proof of payment of stamp duty. Before registering the documents, the sub-registrar will verify whether adequate stamp duty has been paid for the property, as per the stamp duty ready reckoner. In case there is any deficit in the stamp duty, the registrar will refuse to register the documents.
Stamp duty is the tax you pay to the government for attaining legal ownership over an asset, while the registration charge is the fee to get this legal formality completed in the government records. Stampduty varies from state to state. In most states, women are offered waivers on stamp duty payment.
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