countries like India are allowed to provide online property registration services. If your state provides such a service, you should keep in mind these guidelines. It will help you more to have registration of opc.
- You need to check if there is an online property registration portal in the state (where the property is located)
- You can only get the following services on the online portal:
-Check stamp duty rates.
-Pay stamp duty and registration fee
– Get a payment receipt online
- Go to the Deputy Registrar’s Office to complete the registration process with your payment receipt.
- Property value Rs. If it is more than Rs 50 lakh, pay 1% DTS on the property value online.
- When registering online, provide information – name, address, type of property, title, description of the property and proof of property.
Factors Affecting Property Registration Fees
The registration fee for a property is determined by various factors: –
- Property Type – The registration fee for commercial and residential property varies. Commercial properties are more expensive because they are built for business purposes and require additional facilities.
- Age of the property – Registration fees for the new property are higher compared to the old property. As for the old property, it will depreciate from the time it was built.
- Type of Transfer – The registration fee is lower if the property is registered as a gift and the title is transferred to a family member. If the property is purchased from a non-family member, the government will charge a fixed registration fee.
- Property Location – Registration fees are higher if your property is located near a bus station, train station or airport; Registration fees are higher in developed cities and metro cities.
- Gender of the owner – The government offers a discount if the property is registered in the woman’s name.
- Facilities – Registration fee is high for facilities like library, gym, swimming pool, clubhouse.
Fee for Property Registration
Property registration fees vary from state to state. Generally, the registration fee is 1% -3% of the value of the property, subject to a maximum of Rs.30,000. States also revise fees from time to time.
|City||Land registration fee|
|Delhi||1% of the market value of the property and the attachment fee is Rs.100|
|Mumbai||1% of property value and Rs.30,000 for assets above Rs.30 lakh|
|Bangalore||1% of property value|
|Chennai||1% of market value|
New Rules for Property Registration in India 2021
New rules for property registration came into force in 2020; The same rules will be followed until the new rules come. The new rules are as follows: –
- Copies of all documents will be available on the same day due to computerization
- Unregistered property is neither proof of validity in court nor legally valid
- Unregistered government-acquired property cannot claim compensation under Income Tax 80C
Property registration benefits
Once you have purchased your dream property, it is important to register the property. Here are the benefits of registering your property: –
- Issues related to land ownership will be resolved soon.
- If the property is registered, land title details can be easily obtained from the Deputy Registrar’s Office.
- The encroachers’ occupation can be stopped as the official plan of the land is given to the property owner after registration.
- Compensation will be provided by the Government in case of any loss to the buyer due to any mistake made by the Registrar during registration.
- If the property is registered, the seller of the property will receive a tax deduction under Section 80C.
- Property registration also facilitates the transfer of property. Mutation is the process of transferring a right from one person to another. This allows the government to collect taxes from the rightful owner.
Property registration is a mandatory activity under the Registration Act, 1908. The primary purpose of the law is to maintain proper land records. Under the new rule, unregistered property is valid in court. To register a property, to avoid any delay, documents must be submitted within the specified time.