Technology is continuously bringing change in the working style of Indian real estate. As a part of this continuous development, E-Registration of property has also been introduced across Indian cities. In the current scenario, the property can be registered in name of the owner just with a click, unlike earlier when people had to go through a tedious process for the same. Many real estate experts and prospects feel that online property registration is bringing transparency to the system.
In this blog, we will be talking about all aspects of online property registration.
What is E-Registration of Property in India?
As per the Registration Act, 1908, a person has to register his/her property purchase for the purpose of sale, purchase, gift, or lease. Section 17 of the Registration Act, 1908 states that any property that values above Rs.100 should be registered. Property registration allow the property buyer gets his/her name listed in the government records and thus becomes a legal owner of particular asset. If a person fails to do so, then he/she cannot challenge her/his ownership right over property.
Who All Are Using Online E-Registration System in India?
The seamless functionality of online property registration in India made various states like Kerala, Karnataka, West Bengal, Tamil Nadu, Rajasthan, Jharkhand, Sikkim, New Delhi, Maharashtra, Madhya Pradesh, Uttar Pradesh, Uttrakhand, Telengana, Andhra Pradesh, Punjab, and Chattishgarh adept it. All these states developed Common Services Centre (CSC) Scheme to verify property registrations.   Â
List of Documents Necessary for E-Registration of Property
- Property details that includes Number, Area, and Pin Code.
- Property Type details that includes Plot, Flat, Agricultural, Residential, Commercial, Mix-Use
- Ownership type details that includes Buy, Gift, lease
- Owner’s personal details that includes his/her Name, Age, Gender, Occupation, and Parent’s name.
- Proof of property that includes Title Deed, and Power of Attorney.
List of Documents Necessary for Sub-Registrar’s Office
- Duly curated sale deed on non-judicial stamp worth the deal value.
- Two passport size photographs of seller and buyers on their deed copies.
- E-stamp paper with the correct value of stamp duty
- E-registration fee receipt
- Copy of PAN Card
- Original ID Proofs of seller and buyer and other parties.
- TDS receipt. It is required only if the property values more than Rs. 50 Lakhs.
- Documented history of ownership transfer.
Broker’s Role Will Downplay in E-Registration of Property?
This is just a speculation as nothing of this sort will happen. A real estate expert said that only a property broker can shed a light on project’s feasibility, its actual surrounding, connectivity, and amenities. It is just not possible to read all details and price online to finalize the property purchase decision.
There are multiple things that need to be taken into consideration before finalizing a property, and only the broker can address all these things in an elaborate manner.
What Are The Advantages of E-Registration of Property?
Easy To Use
Property registration is simplified with online registration as you only need to download the form for property registration. After duly filling the form you need to upload the same. All the given details will undergo the verification process and the property will get registered in the span of two weeks. Also, the property registration form can be taken from the office of concerned authority.
Brings in Transparency
All property and owner’s details are now available online. There are details such as number of rooms, carpet area, year of construction along with ownership history. The sole aim of online property registration in India is to share property details with buyers. All this lower the chance of fraudulent activities in property buy and sell.
Legal Option
The availability of property details online work as proof in property dispute case.
Security
E-registration of property is a secured thing as firstly, hackers do not have access to property papers and power of attorney. Secondly, there is SSL encryption in the government server. Also, they have a personalized login system.
Conclusion
This is all about online property registration in India. After taking all the above points into consideration it seems like e-registration is a blessing for the property buyers.
