How To Register Property in India

Property registration is an integral part of the home ownership process and is legally mandated under Section 17 of the Indian Registration Act, 1908. Getting your commercial or residential properties registered, will guarantee ownership rights in case of future legal disputes. Unfortunately, this part of the property purchasing process is arguably the most complex one and can perplex even the most experienced buyers.

We have broken down the entire process into 4 simple steps to guide you along the way:

1. To begin, duly signed property deed(s) and any other supporting documents need to be submitted to the Sub-Registrar of Assurances. Signatures of both the buyer and seller along with the signatures of two witnesses need to be present.
2. The signatories (buyer and seller) will need to present the property card (record and history of ownership and property) to the Sub-Registrar, along with the original documents and proof of payment of stamp duty.

Note: The sub-registrar will check if the correct stamp duty amount has been paid. The correct state duty rates are according to the respective state Ready Reckoner. These rates are updated on a yearly basis, so it is important to check the current rates before paying stamp duty.

3. The signatories will need to present proof of identity. The documents accepted by the Sub-Registrar include Voter ID, PAN Card, Aadhaar Card, and other forms of identity issued by the Government of India.
4. If either party is being represented by an agent or a real estate company, then the representing individual/company needs to present documentary proof. This includes a letter of authority or power of attorney as per the Stamp Act and the Registration Act.
   

Online Registration of Commercial and Residential Properties

With the introduction of online e-registration, property registration has become less cumbersome. A number of features are available online like payment of stamp duty, downloadable registration forms, and locating divisional sub-registrar of assurances. Nonetheless, the visit to the sub-registrar’s office for completing the formalities against registration fees and submission of registration documents still needs to be done in person.

Property Registration Timelines and Cost

Procedure	Time to Complete	Cost to Complete
Check for encumbrance at the office of the Sub-Registrar of Assurance	5 days	₹ 10,000
Preparation of the final sale deed by purchaser	7 days	1% of the property value
Payment of Stamp duty on the final sale deed through franking at the designated bank	1 day	5% of the property value
Execution of the final sale deed in the presence of two witnesses	1 day	1% of the market value of the property (registration fee) up to ₹ 30,000.
Apply with the local municipality for mutation of the title of property	30 days	₹ 300

Factors To Be Considered Before Buying A Home In Mumbai

Buying a home in Mumbai is something most people in the country see as a dream. With property rates soaring, there is no telling as to how expensive they can get in the coming years. The reasons behind this are several, such as plenty of job opportunities to advance careers, high standard of living, good public transport, and of course, a better life, owing to more opportunities in Mumbai than most other cities in India.

If you’re one of many planning to invest in a residential projects in Mumbai, here are some points to bear in mind before going ahead:
 

1. Official documentation 

One of the most important things to be aware of before making a home investment is to ensure all the official documents are in place by the real estate developers. Of the list, the most important ones include the title deed, release certificate, approvals by the local body, property tax receipts, and also the list of banks financing the project.
 

2. Buying v/s renting
 

Whether you're looking at a place from a personal, rental, or investment point of view, it is essential to consider everything before placing your bet on it. It pays to assess situations in your mind such as renting out the place if the need arises and if so, what would your stance be.

3. Location and infrastructure
 

Every single aspect of a home can be changed; however, the location will always stay constant. Research, analyze, and understand the locality you are going to invest in. Connect with real estate developers as well. When it comes to infrastructure, it completely depends on your needs, hence, it is a good idea to survey the real estate market and talk to builders.
 

4. Additional amenities & facilities
 

Before ploughing money into the project ask if modern amenities and facilities are a part of the deal. Going ahead, these include a spa, gymnasium, jogging track and sports area, swimming pool, etc. Keep an eye out for these before investing.

5. Future plans
 

Analyze your future plans before deciding on a place. The strength of your family, distance from schools/colleges/workplaces, etc. are all important. For starters, a property in Mulund, Vikhroli, or Navi Mumbai is a great option as these areas are developing and aren't too costly either.
 

What else to know?
 

Apart from these, it is also important to make a list of characteristics that you consider important, for example, a park for kids to play. Do plenty of research, understand the current market scenario, and talk to people in the locality (once you decide upon it) to gain their perspective of living there, before spending money on the home investment plans.

Reaching Wadhwa Wise City - An Intergrated Township Project in Panvel

Wadhwa Wise City is an integrated flagship township project in Panvel featuring studio, 1 BHK, 2 BHK, 2 BHK supreme apartments, retail spaces, hospitals, and many more for spacious living.

know here how to reach Wadhwa Wise City Panvel:

Why is Goregaon The Best Place For Real Estate Investment?

Buying a house is time-consuming and a difficult decision one makes in his/her life. But, one step at a time can lessen your load. Once you have a clear picture of your requirements and know your budget beforehand, you can further head towards the property hunt. If you are planning to invest in the suburbs of Mumbai like Goregaon, you should be enlightened about the recent developments. With rapidly growing infrastructure, the demand for properties in Goregaon West is also increasing.

Today, Goregaon has left behind its arid image and has emerged into a well-provisioned, well-facilitated location for property buyers. With new developments that have managed to surpass the old city center areas, Goregaon has turned into a real estate hotspot. Observing the pace of development and various advantages this place offers, commercial companies are also setting up branches in Goregaon.

Both the areas of Goregaon, i.e. Goregaon East and Goregaon West are ideal for real estate investments. Because of this, almost every real estate company has a project in various corners of Goregaon. Few real estate developers even have well-furnished flats in Goregaon West for sale. A stretch of six kilometers from Jogeshwari East to Goregaon East has become a hub for residential projects.

In an addition to the aforementioned facts, here are few more features that make Goregaon an ideal place for real estate investment:

• Earlier, people were afraid to invest in the Goregaon suburb but over a period of time, things have changed a lot. Today, Goregaon is closer to high-end suburban areas like Andheri and Powai and with that people have started investing in this suburb of Mumbai.

• Goregaon is just 100 meters away from the Western Expressway, that makes travelling easy for daily commuters. There are many hospitals, schools and entertainment options nestled in this suburb. Also, with huge shopping Malls in Goregaon West, shopping becomes easy for the locals. With easy access to transportation and other facilities, even high-end customers have started investing in Goregaon.

• Buyers are more attracted towards residential properties in Goregaon East as the availability of ready-to-move-in units is high in this area. Today, investing in Goregaon is the best option as rates are expected to rise in the upcoming years. It is said that in next five years the property rates in Goregaon may reach Rs.20000 per square feet.

• Goregaon is primarily know as a middle-class locality but it is also a home for famous film studios like Filmistaan and Film City. With the development taking place in Goregaon, capital appreciation of 40%-60% is expected for residential properties in this area.

All this together concludes that Goregaon is for everyone. Also, the fast-paced infrastructure, easy communication, serene environment and affordable housing has attracted large number of people from across Mumbai and this is only adding to the charm of this locality.