Mumbai Property Registration – Procedure and Charges
Mumbai Property Registration – Procedure and Charges
Mumbai property registration formalities fall under the purview of the Department of Registration & Stamps, Government of Maharashtra. Property registration in Mumbai can be done at the Sub-Registrars office. Sub-Registrars in Mumbai is open from 10 am to 5.45 pm and the documents can be submitted for registration during this period. However, a few Sub-Registrars offices in Mumbai city, Mumbai suburban district, Thane, Kalyan, Panvel, and Pune cities are working from 7 a.m. to 2 p.m. and few offices from 2 p.m. to 9 p.m. Further, for the convenience of citizens, some Sub Registrars offices are also working on Sundays and 2nd or 4th Saturdays. In this article, we look at the procedure for completing property registration in Mumbai along with the relevant charges.
Property Title Verification in Maharashtra
Prior to purchasing any property, it is important to verify the title deeds of the property. Some of the aspects that must be covered in the property title verification are the validity of legal title to the property held by the seller. If the transaction made with the Power of Attorney holder instead of the original owner, then the authenticity/legality of the Power of Attorney examines along with the rights to engage in the intended transaction. Finally, it is important to ensure that the proposed transaction does not prohibit under any prevailing law of the State or Centre. If the proposed transaction prohibits under any prevailing law restricts to register the document pertaining to that transaction.
Only on completion of the basic legal due-diligence above, it is best to engage in price negotiation. On agreement of a price and time for completing the transaction, a more thorough due diligence must be performed checking on the following aspects:
- Examine the 7/12 extracts, change/alteration extracts, property card, city survey card for the last few years and updated ones.
- Inspect the documents and index of documents registered pertaining to concerned property in the office of the Sub Registrar.
- Call for objections if any, to the intended transaction by issuing public notices in newspapers.
- Verify records of the Court under whose jurisdiction the transaction of property is situated. Such verification in order to find out whether some disputes are sub judice.
- Make local inquiries regarding the ownership rights and possession of the property.
- If the property is relating to a Cooperative Housing Society, then to enquire about it with the society.
The nature of title deed verification required would change based on the property type, transaction, buyer, seller, and other factors. Hence, it is best to engage an experienced Lawyer for completing the property title verification.
Prepare Property Deed
On completion of due diligence, terms of the transactions between the buyer and seller, sale deed must be prepared by an experienced professional. Care must be exercised to ensure that the deed accurately mentions the property. According to Section 21 of the Registration Act. 1908, for registration of document of transfer of immovable property it is necessary to mention the description of the property in such a way that the said property can be distinctly identified. Also, the document requires the following particulars:
- The name of the road on which the said house is located, the direction of the road, number of the road (if given), area of the house and its usage.
- Name of the present occupant, or if possible, the earlier occupant of the said house.
- The city survey of that property requires the Cadastral Survey No. /CTS of that property.
If the property in the document is the outside town or a land parcel:
- Name of the geographical area where the above property is located, e.g. Revenue village, name of Taluka.
- The city survey of that property requires the Cadastral Survey No. /CTS of that property.
- The name and a serial number of details of a road or other property by the side of which the above property is located, e.g. four boundaries (i.e. properties existing along with four directions).
Stamp Duty Charges
Stamp duty, registration fee, document handling charges, and data entry charges are applicable during property registration. Of all the charges, stamp duty is the major component. Stamp duty must be paid by affixing non-judicial stamps to the document. According to the Maharashtra Stamp Act, each document require stamp with proper stamp duty and with the proper mode. In Maharashtra, stamp duty charges on the market value of the property or on the agreement value, whichever is higher. Based on the jurisdiction under which the property is situated, the following stamp duty rates are applicable:
- In Nagar Panchayat, stamp duty is 3% – Mainly rural areas of Maharashtra
- In Municipal Council stamp duty is 4% – Areas under MMRDA, Municipal Corporation and Adjoining Cantonment and Influence Zone.
- In Municipal Corporation stamp duty is 5% – Areas under Municipal Corporation and Adjoining Cantonment Area
Need help registering property in Maharashtra, visit IndiaFilings.com or contact a Lawyer through IndiaFilings.
