What does registration of property documents mean?
Registration means recording of the contents of the document with a registering officer and preservation of copies of the original document. The registration of Sale Deed assures about genuinety of the title of the property. The Registration fees at present fixed for registering document relating to property transactions is 1% of the market value or Rs.30,000/- whichever is less in case of documents pertaining to sale or conveyance. (This is applicable from 1.4.2003 to till date).
Documents Required for the Purpose of Registration:
- No Objection Certificate under Urban Land Ceiling Act if land is transferred, irrespective of whether land area exceeds 500 sq.mts. or not, in Mumbai.
- If the land belongs to Government or Semi-Government body or to Charitable trust, the No Objection Certificate of such Government or Semi-Government body or of Charity Commissioner.
- Property Card of Land on which the property being registered is situated. This requirement is irrespective of whether land is sold or building is being sold or any part of the building is being sold and also irrespective of whether the seller of property is recorded as owner on property card or not. In other words even flat owners are expected to produce this paper at the time of registration.
- Original stamp duty payment receipt.
- Photographs of both buyer and seller.
- If the building is completed prior to 25-3-1991 then properly assessment bill is to be attached and if the building is completed on or after 25-3-1991 then Commencement certificate or Completion certificate or Occupation Certificate or I.O.D. issued by the Municipal Corporation is required to prove that the Building is an authorized structure.
- Now mentioning of Income Tax PAN number is mandatory in all sale and purchase document of value above Rs.5,00,000/-. Those who do not have PAN number must file Form 60 along with documents.
- Registration fees is payable by the way of Government Challan and / or Pay order of Nationalised Bank.
Procedure of Registration at Sub-Registrars Office:
- Take token number from Sub-Registrar on Telephone one day prior to date of registration.
- Obtain a pay order of specified amount favoring that Sub-Registrar for Registration fees.
- Submit a copy of pay order for Registration fees on the day of taking token number.
- Bring complete document along with other document as mentioned in the preceding reply.
- Submit the document along with input form at token window at least 30 to 45 minutes before the time allotted for that token number.
- Wait till the token number is announced.
- On token number being announced, all parties to the document must present themselves before the Sub-Registrar to admit execution of the document, photographed, thumb impression and signature taken on additional sheet of paper in presence of Sub-Registrar.
- Pay the exact Registration fees through Government challan and / or pay order and computer service charges in cash as per the receipt. (Computer service charges are @ Rs.20/- per page) Documents will be returned within 30 minutes of getting the receipt.
Registration and Presence of Witness:
It is to be noted that two witnesses are required at the time of completing the Registration formalities; basically the witnesses are required for the purpose of identifying the persons who have executed the document.
Though there is no penalty for non-payment of Registration fees. However, one must keep in mind that when one goes for registration after four months and before eight months of execution of agreement / document he is charged a penalty which could be up to 10 times of Registration fees. This is the penalty for delay in presenting the document before the registrar and is not a penalty for non-payment. Normally this penalty is charged at the rate of 2.5 times of the Registration fees per month for delay beyond the permissible 4 months.