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Laws Related to Registration of Property Transacti...

In the case of immovable property, mandatory registration of property purchase and sale documents are essential ensuring proof of ownership, fraud prevention and assurance of title.Under The Indian Registration Act, there is legislation for property registration in India known as the law of registration of documents that makes it a mandatory requirement to register key documents for the recording of evidence, fraud prevention and assured title transfer. Property Documents Necessitating Mandatory RegistrationRegistration of property or property registration in India in accordance with Section 17 of the Registration Act, 1908, is mandatory in case of transactions involving immovable property sale for an amount in excess of Rs. 100. What this essentially means is that all immovable property sale transactions must be registered since a mere Rs. 100 cannot possibly be the purchase price of immovable property. Furthermore, a gift of immovable property, as well as lease for a period in excess of 12 months are essentially transactions that require registration.In special circumstances, if any of the parties to the transaction is unable to be physically present at the sub registrar's office, then, in that case, any of its officers may be deputed by the sub-registrar for acceptance of the registration documents at the buyer’s residence. Included in ‘immovable property’ are land, buildings and any attached rights to these classes of properties.Procedure and Documents Required for Registration of PropertyAs registration of property documents are mandatory it's worth knowing what the procedure for registration of property entails. Firstly, the documents have to be submitted to the office of the Sub-Registrar of Assurances within the jurisdiction of the location of the transferrable property by the property lawyer. Thereafter both the authorized signatories of the seller and the purchaser, need to be physically present with their proof of identities including Aadhar card, PAN card or any other government authority issued ID proof along with two witnesses, for the purpose of registration of property documents.All designated authorized signatories ought to produce the power of authority if in case they are representing someone on their behalf.  If however, in the case of a company the company is one of the parties in the agreement, the company representatives ought to have all necessary documents with them including the letter of authority, and along with that a copy of the company board’s resolution granting authority to execute the registration. The designated authorized signatory ought to show the property card to the sub-registrar and in addition to that all original documents and proof that stamp duty has indeed been paid. Prior to registration of property documents, verification would be done by the sub-registrar as to whether or not the required stamp duty for the property has been paid, according to the ready reckoner for stamp duty.  Any deficit in the stamp duty would result in the registrar declining registration of property documents. Time Limit and Fees to be Paid for Property Registration All documents that need mandatory registration ought to be presented by the property lawyer no later than 4 months from their execution date along with the prescribed fee. In the case of expiry of the time limit, an application can be made to the sub-registrar to condone the delay, and that with an extension of time of another 4 months the registration of property documents would be submitted to the sub-registrar within that time. The registrar may consent to register documents that missed the registration deadline for a hefty fine of up to ten times the actual registration fee. For the registration of property documents, the fee is 1% of the property’s value, capped at Rs 30,000.Previously, presenting registration of property documents for registration of property would result in returning the documents to the sender after six months. Nonetheless, with the sub registrar's offices being computerized, the documents with the registration number and proof that the registrar has indeed completed the registration are first scanned and then returned to the sender on the very same day.Consequences of Non-registration of PropertyIf the property purchase agreement remains unregistered then it could be very risky for the buyer of the property. Since it’s mandatory for all documents to be registered but if they remain unregistered then those unregistered documents cannot be presented as proof in a lawsuit.  

Posted By

Avik Chakravorty

1 month ago

RERA – Face of Change for the Real Estate Lobby

Before the advent of RERA (Real Estate Regulation Act) there was utmost difficulty that was faced by consumers for various reasons which include delayed delivery and change in project layout amongst many others is estimated to be eased by the enactment of this Act. The basic reason behind this ease is the penalty clauses that are there in this Act which is there for non-performance or deficiency in services. The unreliable builders will now have the fear and threat that their actions are being watched out and they shall not be allowed to roam freely post doing unlawful acts or by not delivering services up to the mark as now there is an Enactment which is having strict compliances and for every non-compliance the penalties and fines are hefty in nature. It has also benefited the builders as now they can approach the Regulator in case of any issues with the buyer etc.   The RERA bill was introduced in the year 2013 and finally the bill got approved in march last year. Although it is a Central Law but the implementation will be dependent on State Governments. Most of the states have approved the Act and thus RERA is now almost full fledgy in force and is benefiting both the buyers and the consumers. Each state will have to mandatorily setup Regulatory bodies which will serve as Appellate Tribunals to solve the dispute between builders and buyers within a specified time period of 120 days.   The mass effect of the Act is to safeguard the buyers/consumers and to save them from the clutches of the builders and also on various other aspects as to have a transparency on construction cost, making registration compulsory for certain builders etc. RERA has made it compulsory for the builder to invest a minimum of the 70% of the amount received from a buyer in a separate bank account in order to meet the construction of the project and the large effect of this would be that now the builders cannot demand money from buyers by keeping the construction at halt because of lack of funds. The registration of builders with Regulator for commercial and residential real estate projects in cases where the land is above 500 sq mtrs or the apartment number is eight or above will ensure strict compliance for them and in case of non-compliance from their side they cannot roam freely likewise till date because it has strict regulations and the basic emphasis is on the project completion in time. The most awaited development was the pricing which previously was based on super built up area  is now on carpet area which is clearly defined to include usable spaces like kitchen and toilets. Among the other benefits to buyers / consumers some include the timeline for repairing the structural defects being increased from 2 years to 5 years, on going projects are also included under RERA, compulsory to update the progress on the website of RERA to ensure greater transparency etc.   The builders have been regulated very strictly as they will be strictly penalised if there is any discrimination to sell the flats because of religion or caste issues etc, selling or handing over the ownership can be done only after obtaining the necessary clearances and no deviation will be accepted. The developments in relation to the pricing of the houses on carpet area instead of super-built up has brought in a lot of relief and has eradicated the huge difference in pricing.   The RERA has made it compulsory for all property brokers to register so that a track can be there and it will also ensure transparency. The registration will happen in the respective states of the brokers and with the registration it is propelled to sieve out the small time players and to consolidate the major ones.   Thus overall the enactment and implementation of RERA has brought a massive and much needed change in the real estate lobby by compulsory registration, opening of different bank accounts for different projects etc. The overall impact will lead to greater transparency, making the buyer and seller stand in a single place by removing the extra benefit that was only taken by the builders and middle men and leaving the consumers/buyers in dark. The Act has also empowered the builders that now they can also raise issues about buyers who do not pay their dues in time. Therefore to sum up it is a mix bag with regulatory procedures and developments for the builders as well as the buyers.

Posted By

Vedant Lakhotia

1 year ago

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Consult Top Real Estate Lawyers in India

SUNITA BAFNA

Advocate
Exp
Mumbai , Maharashtra

Specialization

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Sudip Chatterjee

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Exp
Kolkata , West Bengal

Specialization

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I am an experienced and skilled advocate specialising in civil and property cases. I also look after criminal matters. I ensure that my client gets proper legal justice deserved by them. View Full Profile

Gayasuddin khan khan

Senior Advocate
Exp
Bangalore , Karnataka

Specialization

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Iam Taking All Legal Matters Specialization in Tax Laws View Full Profile

Rajeev RJ

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Thiruvananthapuram , Kerala

Specialization

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Legal Professional having 17 years of experience in Drafting & Vetting of various Business contracts, Memorandum of Understanding, Service Level Agreements, Real Estate Agreements, Supply Chain Contracts, drafting of notices, Reply notices, Writ Petitions, Plaints, Written Statements, Criminal com View Full Profile
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Adv. Swapnil S Bhalerao

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Pune , Maharashtra

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Highly logical, experienced, solution oriented and client comfort focused while delivering deserved justice. View Full Profile
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Harsh Vardhan

PARTNER
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Delhi , Delhi

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I am an Advocate practicing before Hon'ble Supreme Court, Hon'ble High Court of Delhi and various other Distt. Courts and Tribunal. I specialise in handling consumer cases, recovery cases, arbitration and other civil matters. View Full Profile
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SUBRATHA RAY

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Delhi , Delhi

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Practicing Lawyer & mastering the law skills in the field of Criminal & Civil Laws. Appointed for Pro Bono Legal Services by Ministry Of Law & Justice, (Department of Justice). Expertise in Bail's & Anticipatory Bails, Civil Cases, Divorce , Patent & Trademark &Copyrights Law, Legal Draftings. View Full Profile
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Shantaram Changdev Bedekar

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Raigad , Maharashtra

Specialization

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I am practising in Civil-Criminal matters in various courts of maharashtra. Presently handling cases in Raigad, Thane, Navi mumbai, mumbai areas. I can appear anywhere in indian court. I am dealing in matters i.e. land dispute, real estate property, consumers, family disputes, divorce,will,successio View Full Profile
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Gyan Prakash

Senior Consultant
Exp
Noida , Uttar Pradesh

Specialization

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Real estate-law Due diligence Draftings Advises RERA Consumer protection View Full Profile
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Rajan Kumar Hans

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Gurgaon , Haryana

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Rera Matters expert. Deals in Property Matters only View Full Profile
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  • What is Real estate?
  • Which Laws Govern Real-estate?
  • Where to File a case in case of Developer not following the Real Estate laws?

Real Estate Regulatory Authority (RERA) Bill was presented by the Indian National Congress government in 2013.In December 2015, the Union Cabinet of India had affirmed 20 noteworthy amendments to the bill in view of the proposals of a Rajya Sabha committee that analyzed the bill. The Bill had been alluded to a select committee, which had given its report in July 2015. However, Congress, Left and AIADMK had communicated their reservations on the report through difference notes. The bill got endorsement of the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016.

What is Real Estate?


Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this also an item of real property, more generally buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings, or housing.

Laws Governing Real-estate


  • The Real Estate Act,2016.
  • Consumer Protection Act,1986.

What Does Real Estate Act,2016 states?


  • As per Section 3 of the act, prior registration of a real estate project with the Real Estate Regulation Authority (hereinafter referred to as the RERA) is mandatory.
  • Section 3(2) provides for certain types of real estate projects to not be compulsorily registered.
  • The promoter needs to present an application for registration of real estate venture along-with recommended charge. Some of the documents to be encased with the Application include brief specifics of Promoter’s enterprise, declaration by a promoter with his affidavit, brief specifics of the project, and so on
  • The promoter has to necessarily make certain declarations in his application itself
  • RERA has the power of taking suo moto decision of revoking a registration under certain grounds
  • Section 9 of the Real Estate Act makes registration of a real estate agent a mandatory activity.
  • The alottee/homebuyer has the right to access information regarding stage-wise time schedule of completion of project, being informed about sanctioned plans, claim allotment’s possession, etc.
  • The Act entails punishment on inability to register real estate venture. It states that if promoter fails to register the undertaking as gave under Section 3 of the Real Estate Act then he shall be subject to a punishment which may stretch out to 10% of the estimated cost of real estate venture.
  • The Act provides punishment for furnishing of false data i.e. details furnished by promoter while registering a real estate venture.

What does Consumer Protection Act,1986 govern in Real Estate?


Consumers in the real estate industry are prone to a higher degree of risk than they are in the other sectors of the economy. Though progressive, the real estate industry is immensely unregulated. It lacks regulations, it lacks the required ethics. Consumers are exploited by taking advantage of these limitations that plague the real estate industry. The housing sector is immensely opaque, due to which consumers are unable to procure complete information or enforce accountability against builders and developers. There exists no binding regulatory body to the industry, which affects it by delaying completion of projects, diversion of funds collected from buyers; one-sided contracts in the absence of adequate supply; reneging on contractual commitments by both the developers and the buyers; and constraints in financing and investment options available to the sector, thereby affecting its long-term growth.

Therefore, the consumer Protection Act,1986 protects consumers from such risks as huge money is involved in real estate matters. Where a purchaser can file a suit if the purchaser finds that the Developer is trying to cheat or take to fraudulent means to gain extra from the pockets of intended purchaser or deviating from the Agreement as made.

In the last couple of years, there has been an enormous upsurge in the real estate sector and buildings are mushrooming everywhere of metropolitan cities in India. Inferable from this extensive development of the sector and consumers' willingness to invest in real estate, the builders have possessed a position of predominance and the arrangement of standard shape contracts or uneven agreements has additionally worsened the situation.

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