Frequently Asked Questions: Registry Process

Ans: If you’ve recently bought a home or looking to buy one, you might be thinking about the registry process that is an intrinsic part of property buying. Most people think that it is a lengthy and complex process that asks for huge amounts of time and hassle. To some extent, this may seem true but having the right knowledge can save you on that. Among various formalities needed to be done for the registry process, one most important thing is to prepare the required documents. So, here is a list of all the necessary documents that you would need during the registry process:

• 1. NOC from the builder side (No dues certificate)
• 2. Copy of Builder-Buyer agreement.
• 3. Possession letter (offer of possession from the builder’s end)
• 4. Loan sanction letter (May be required if home loan facility availed).
• 5. Bank NOC, if home loan taken (Mentioning no objection on handling over of possession and registry)
• 6. Copy of ID proof, Address proof & Pan card of each applicant (Self attested).
• 7. Photograph & signature to be attested by bank for each applicant.
• 8. 4/5 additional photographs of each applicant.

Ans: Keep in mind that there are two types of charges involved in the registry process – Stamp Duty Charges and Registry Charges. Stamp Duty refers to a tax that is forced on documents that are charged by state and the central government in India for the buyers who opt to take a residential property to the builders which are obligatory for homebuyers to pay the stamp duty on the sale agreement under section 3 of the Indian Stamp Act, 1899. With the introduction of stamp duty, it becomes clear that sales tax, indirect taxes, and value-added taxes will be substituted by GST. The builder or the developer pays different types of non- creditable taxes like CST, entry tax, etc. which are already included in the final price of the property and costs up to anywhere between 22-25% of the price. Stamp duty acts as a major head of revenue for any state. Both charges are directly payable to the respective authority with no interference of the builder in it. 5% stamp duty fee of agreement value and 1% registration fee of agreement value, need to be paid to the authority at the time of registration.

Ans: Several state governments in North India now offer a partial waiver on stamp duty, for buyers registering properties in a woman’s name – either as a sole owner or as a joint owner. In general, you can choose to avail of a discount of INR 10,000 in stamp duty fee, if the property is in the name of a woman. However, there is a clause that no male should be the co-applicant.

Ans:It is the dream of every individual to have his own house. Buying a property is the most considerable investment for an individual as they invest a huge amount of their hard-earned money into it. And most importantly, registering that property is an intrinsic part of the buying process. Property registration is an intricate process, as different legalities and paperwork are involved in it which can perplex you. Thus, it is very much necessary for you to know about the process followed when it comes to property registration in India.

• 1. The builder will inform the owner about the initiation of the registry.
• 22. The builder will provide a lawyer’s details to the owner. The owner needs to connect with a lawyer to understand the complete process.
• 3. The lawyer will calculate the stamp duty charges as applicable and ask owners to buy the same or the lawyer can also buy on behalf of the owner.
• 4. The lawyer will make a group of owners and will forward the file to authority for registration.
• 5. 'Registration charges need to paid, as in buying of E-Stamp needs to be done and registration fee need to paid at this time’
• 6. The lawyer will convey the date and time of registration.
• 7. The registration process is considered complete when the owner signs the documents on the said date in front of the registrar.