Transfer of ownership is a complicated process. It is important for property buyers to know that for ownership transfer, a buyer needs to pay some charges in the form of stamp duty and also for registration.
You will have to pay stamp duty before registration or at the time of executing the deed for which the stamp duty has to be paid. So, typically you either pay the stamp duty before the day on which it is executed or on the day when you execute the deed.
An immovable property in India can be acquired by Indian citizen, NRI or by a person of Indian origin not being a citizen of Pakistan, Bangladesh, Sri Lanka, China, Nepal Bhutan and Iran. Property or land registration in India is governed as per section 17 of the Registration Act, 1908. The act applies to the entire country except for the state of Jammu & Kashmir. The primary objective of the act is to ensure that the information on all the deals is correct and legitimate property/land records are maintained. The registration process involves making a stamp duty and paying the requisite registration fee for sale deed and has the documents legally recorded with the sub-registrar of your area. The process varies based on whether the property is directly purchased from a developer or whether it is the secondary sale of the property. In the latter case, the process may involve stamp duty and registration of transfer deed.
Property registration in India involves the following steps:
The basic purpose of registration is to record the execution of the document. Only when you register the document, it becomes legal and the ownership, if any, is transferred to the right owner. In simple words, the notice of intimation will be filed only when an agreement between the lender and the loan applicant has not been registered. This intimation notice has to be sent within 30 days of purchasing the property.