Owning a home is everybody’s wish. It is a kind of wish which transcends all geographic, demographic, socio-economic and cultural barriers. For a large number of people, it is their life’s foremost and most valuable investment. In most cases involving end users, the registration of a property is done naturally as it is an integral part of the property buying process. Due to which, the incidence of such purchasers failing to register their homes is very small.
Despite too much awareness about this activity, the incidence of failure to property registration is much higher among real estate investors, who often purchase properties directly from the developer. Many such investors are unwilling to pay for the registration of these properties. The problem is that they will in any case be resold, and that the purchaser will again have to follow the registration process at that time.
But it is also true that property registration is a mandatory step and should be done in accordance with the law. The transfer, sale, lease or any other form of disposal of a property is mandatory by law under section 17 of the Indian Registration Act, 1908.
Once you choose to register your property, you will become the lawful owner of the property in all aspects and fully responsible for it. On the other hand, if you don’t get your property registered, then Section 49 of the Indian Registration Act, 1908 mentions that the documents will not have any bearing on the property, and that they do not confer any transaction rights over the property. In other words, the law does not recognize unregistered owner and does not give him any rights over the property.
How to register a property?
The property registration process involves necessary stamping and paying the registration charges for a sales deed and having it legally mentioned at the sub-registrar’s office.
If the property is purchased from a developer, registering the property amounts of an act of legal conveyance. If it is the second or third transaction for the property, it could involve a duly stamped and registered transfer deed.
For the conveyance of general public, the process has got computerized in most states. In general, the process consumes up anything from seven to fifteen days.