5 Essentials For Registering Your Property

The process of registering a property is just as tough as finding the right one and arranging the finances for it. For a few, it might even take months to complete the process.

Successful property registrations result from a combination of having all the necessary documents in place, getting all the necessary approvals and having a number of credible people involved in the process to validate your deed.

Here are a few essentials involved in the process:

1. Documentation: You need a number of documents for registration. Apart from all the identification papers, IT returns papers, bank documents and every conceivable financial document relevant to the process, there are several others needed to seal the registration. Here is the list:

a. A no-objection certificate or NOC from the society assuring that it has no objection to the sale or lease or gift or transfer of the property.
b. A letter from the society with details of the building like the year of construction, number of floors, built-up area of the apartment along with other amenities involved.
c. A copy of the latest municipality assessment bill.
d. Copy of Property Card
e. If the property is being purchased as a secondary transaction and not directly from the developer, the process will also require a stamped and registered transfer deed.

2. Registrar and registration fee: The process starts with you taking an appointment with the Sub-Registrar of Assurances. In the meanwhile, also arrange for the registration fee that can amount from 2-3 percent of the market value of the property. This should be paid a few days before the registration of the property.  After you are allotted the token number, you have submit the pay order or the demand draft for the amount you need to pay as registration fee.

3. Adjucation: This is the process of ascertaining the market value of a building and a property. This will help you ascertain the stamp duty that has to be paid for the property. Adjucation becomes very crucial in cases of old buildings. The registrar office might not have the updated details of depreciation of a very old building. An adjucation is valid for six months. But if the document is signed, it should be done within a month. The delay will result in unnecessary interest charges.

4. Witnesses: You would require two witnesses for the procedure, who will sign in the registrar's presence. The witnesses should have necessary ID proofs like driving licence or a voter's ID and /or passport.

5. Formalities: After all the formalities and signatures are done, the document is returned to you to present it for registration. You can collect the document by duly signing it or giving a letter of authority to someone else, who can collect it on your behalf.

(Katya Naidu has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)