Property Registration In Bangalore
Flat Registration In Bangalore
Property Registration in Bangalore: Before going into the details of plot registration, there are a few terms you must know. There is a lot that has to go on when you decide to buy a property or land than a normal business deal where you get a plot of land in exchange of money.
Finding a plot that is spacious seems easier for you. But what seems to be a real deal is checking about the factual backgrounds of the property. Only once you have, you shall proceed to register your land through legal help. Registration of a plot is done in the Sub- Registrar office. It can only be done when there is no legal dispute on the property. Procrastination to register the property leads to heavy prices when not done at the right time. The need for registration is not realized when you have been duped. For instance, if you have bought a property without any registration 5-10 years back, the price of the plot would be tripled now making you pay a lump amount for registration. Hence, it is mandatory to take legal help to register a property.
Registration fee – It is a small percentage of the total cost of the plot paid by the buyer to the state government for registering the property on his name.
Stamp Duty – It is a small percentage of the total plot cost imposed on the buyer during submission or recognition of the required documents. It is paid to claim that the submitted documents are valid.
Property Guideline value – It is the minimum cost of your land estimated by the state government. Stamp duty in Bangalore, in both urban and rural settlements, is 5.6% of the saleable value of the plot. The registration fee is, however, 1% of the saleable value. The saleable value of a property, in simple ways, is the product of the property size and the guideline value. In some states, women and senior citizens get a discount on both registration fee and stamp duty charges.
Besides the total cost of your plot/property, there are a number of factors that affect the property registration fees and stamp duty charges.
Type of property: The property being old or new has an effect on its registration fees and duty charge, as in a new property on the market will obviously be more expensive than an older property. Hence, directly affecting the price of the charge. The charges also differ in accordance to the use of it, i.e. commercial or residential. Commercial land is used with a business motive and a number of extra facilities such as a clubhouse or escalators, swimming pool etc. add on to the charges, unlike residential lands. Hence, registration for commercial land is also more than that of residential.
Location: The location has a great effect on the registration fees as well as the stamp duty charges. The charges are different in different states and they also differ in accordance with the neighboring area being urban or rural. Urban settlements generally have a higher registration fee.
Transfer: The registration fee also depends on if the property is either transferred to you by an unrelated person/non-family member or by a family member as a ‘Gift’. It is higher for the former as compared to the latter.
Property Registration In Bangalore
Documents Required for Flat Registration In Bangalore
Documents Required for Khata Registration In Bangalore
Documents Required for Property Registration In Bangalore
Since buying and registering a plot or property is a legal process under state government, there a few documents that are needed to be submitted for the validity of the transaction
- All title documents of land owner
- Khata certificate & extract from BBMP
- Absolute sale deed in present seller’s name
- Latest tax paid receipt
- Encumbrance Certificate from date of purchase till date
- Agreement of sale & construction executed by developer in favor of seller
- Possession/occupancy certificate from builder
- Sanctioned building plan
- Joint development agreement, GPA, & Sharing/supplementary Agreement, between land owner and builder
- A Copy of all registered previous agreements (in case of re-sale property)
- RTC (Records of Rights and Tenancy Corps) or 7/12 extract
- Conversion Order issued by the concerned Authority
- Registered development agreement (If in case of Joint Development Property)
- Power of attorney if any
This is for information is knowledge purpose only, the need of documents may vary according to the type of property and it’s condition
The Process of Flat Registration / Land Registration is as follows:
Check details for safety assurance: This process approximately take 5-7 business days and costs about 10,000 rupees. Before the property is sold/ transferred, a few things must be checked for the buyer’s safe transactions.
Final deed preparation: This procedure takes approximately per week and is carried out on legal paper with the date and location left financial institution. The file is dispatched for stamping and is made through the client’s lawyer.
Payment of stamp responsibility: This procedure does not take extra than a day. The client can pay the stamp duty expenses on the distinctive bank. After the payment, the bank problems a receipt and marks the the front page of the sale deed with ‘stamp duty received.
Final Execution: In this procedure, the client, seller and witnesses sign up the sale deed on the sub-registrar workplace, and a distinct variety is generated for documentation. The reader of the sub-registrar calculates the desired registration rate that is to be deposited with the cashier in cash/DD towards a receipt. After all of the formalities the documentation is surpassed over to the client. It is higher to take an agent to hurry up the procedure in on the sub-registrar workplace
- Passport Size Photographs Of Both Buyer As Well Se Seller
- Original Pan Cards Of Both Buyer As Well Se Seller
- Copy Of The Latest Property Ownership Document
- Copy Of The Municipal Tax Bill
Changes in the Title: This is the longest and extra complicated procedure than the others and need to be executed with the help of a lawyer. After registering, the client desires to alternate the possession name of the assets to his call to allow himself as the brand new proprietor and tax payer for the assets.
For this variation you want to publish an utility for mutation (alternate), a testimony and a replica of the very last sale deed in the office of City Survey and Land Records Department. After the request submission, the tax at the assets is calculated and the letter of mutation is issued for the client.
Above mentioned information is knowledge purpose only, the need of documents may vary according to the type of property and it’s condition like New, Resale, Old Property.
It is better to take consultation for Property Registration OR Flat Registration, Consult Property Lawyers for Verification and Registration, they will analyze and do validation of documents finds any miscellaneous history, by their Report on Property documents you can decide the purchase of that property.
Consult with VSK & Co Property Lawyers / Advocates to handle all Property Legal burdens.