Procedure for Property Registration in India for NRI
With the implementation of the computerized property registration system the procedure for property registration in India has become very easy. The new revolutionary property registry system comes with advantages such as the absence of intermediaries and clarity in valuation. However, the manual paperwork has not been fully replaced, and some states require you to send an application form to the respective authority which will be your area's Sub-Registrar or SDM. In addition, the application form can be downloaded from the department's main website, or you can get the application form from the office of the competent authority.
The registration process requires making a stamp duty and paying the required registration fee for the selling deed and getting the documents legally registered with your area's sub-registrar. Property registration process varies depending on whether the property is bought directly from a real estate agent, or whether it is secondary property and land sales.
Property registration in India covers the following steps:
Property and land value estimate:
To pay the stamp duty, you must measure the real value of the property in your area or region. A percentage of; higher of the actual price paid on the property or on the circle or market rate in your region will be measured on the stamp duty fee.
Verification of the property and land title:
The history of the property varies depending on whether it is a secondary sale of the property or whether the property was purchased from a real estate developer. Due diligence will be easier at the latter point, as the first landowner would have the property records ready for registration.
Preparation of Stamp Papers:
Now you have to buy non-judicial stamp papers equal to the value of the stamp duty. You may buy online stamp papers (e-Stamp Paper) or from the approved stamp vendors.
Registration Fees and Stamp Duty Payment:
If you are satisfied for the stamp sheets, the stamp duty will be charged by the stamp collector. The registry fees must be charged to register the property in India beforehand.
See Also: Step by Step Property Registration
Ready to get the sales deed:
This stage includes writing the sales deed and printing it on the stamp documents. It is done on behalf of the customer, by an accredited lawyer. The subject matter on the selling deed depends based on the type of the contract, such as a sell, lease, attorney power (POA), mortgage, etc.
Documentation Submission:
You are expected to apply essential documents such as NOC (No Opposition Certificate) if the building is situated on the property of the city collector, ID and address verification, cash or DD for the payment of the stamp duty, passport size photos of the persons involved in the transaction, etc.
Approach the Registry Sub-Registrar:
You will have to arrange an appointment with the sub-registrar for registry of the sale deed. You may attend the office of the sub-registrar along with 2 witnesses. All the individuals concerned in the process must to carry their photographs and also the identification documents. You should carry 2 copies of the deed of sale along with the original sale deed.
Completion of Registration:
The registration process will be completed after all the property records are checked. You will then obtain the certificates which are properly registered. The sub-registrar shall hand over the original property records while holding with him/her a copy of the documents.
Timeline for Processing of Land Documents:
It is mandatory that all the property records must be sent within 4 months of the date of execution for approval. In case of the documents are being executed overseas, they will be sent for registration within 4 months after the documents arrive in India.
What if the Registration of Property is not done?
In the event that property documents are not registered as per section 49 of the Indian Registration Act , 1908, the non-registration of property documents does not grant any legal rights over the land in India. In other words, under statute, the buyer will be regarded as the unrecognized owner of the property and will therefore have no control to the land.