Land Laws in India
If you are planning to stay in India, then you must have plans of buying properties in here. But if you want to invest in real lands, then you have to be aware of the land laws in India so that you do not fall into any trouble when things can intense. There are possible chances of getting duped by cheaters if you stay ignorant of the land buying and selling procedures. There are many things involved with legal matters when you are buying or selling land or investing in property. Remember the property stands on a particular land, therefore you have to be aware of the legal nitty gritty related to that land, so that you do not fall into any trouble.
he Indian Central government has adopted the details of the Indian constitution, which says that there are many rules and regulations implied for many pertinent issues like land, water and much more. When it comes to land, there are many related issues like transfer of ownership of land, rights over those lands, improvement and protection of lands and much more. Therefore, there should be a transparent law related to these matters so that the buying and selling of properties are done in less complicated ways.
Getting into the Details of Land Law in India
Referring to the Land Registration Act, defined in 1908, it takes proper care of the annual releases of the various immovable properties, mortgages, sales, and also the exchanges of the various immovable properties. To make things understandable for you, you have to understand that first you need to register the property that you are seeking in your name. once that is done you become the proper legal owner of that property.
The registration of the property indicates that the administrative authority of the locality actually recognizes the registration and this is marked in its official records. You will find through the records that they keep updates about property transaction and ownership titles in their record books. However the records will be found in relation to properties that fall under its governance.
In India, there are various pockets of such areas, which are governed by its own independent authority who are accountable to the registration acts. However, the person registering with such an authority has to abide by a few rules. He has to make payment for fess and also the various charges that are related to the matter. You will find only a marginal difference between the rules that are imposed by the authorities of the various states.
The administrative authority also states that there will be different other rules or policies like ill, General Power of Attorney and Agreement to Sell which will be actually indiscriminately used to bring effect to the change or transfer of ownership. Remember, the whole registration process involves a few steps that you will have to follow.
For the first stage, you have to retrieve the property documents from the Sub-Registrar office. Then, you have to go through the details of the properties, such as its location and also the time period. Once this is done you are ready for the second step. Nevertheless, the first phase will cost you some money. The second phase also kickstarts with some expenses. In this phase, you have to be busy preparing all kinds of sale documents, which will cost you. Remember the cost can slightly differ depending upon the state in which you are in. In addition, to the cost for preparing sales documents, you have to attach stamp duty that will also cost you certain amount of percentage.
You have to deposit the total amount related to it to bank. Then, comes the third stage where you have to submit all the documents that are related to the transaction of the said property, this is important so as to carry out the final sales deed. There will be a fees involved with the register office. However, you have to give some extra charges that will be required for the scanning of the whole deed.
Remember, the first stage might cost you 10000 bucks, the second stage can amount to an expense of 18000 and 21000 bucks and the third stage where you have to pay the fee might cost you 30,000 bucks. Then, the last stage comes with the change of the property title from the seller’s name to the buyer’s name. This formality is accomplished by the municipal authority. For this you have to pay an extra of 300 rupees, Remember, the whole process can take a stretch of 30 days or more than that.
Now once the registration is done, you feel relieved. But make sure that you follow every single step so as to understand how every single step is done. Talking of property tax, you have to understand that it is levied so as to upkeep the various civic services in the states. This is levied by the municipal authority. Therefore land law combined with property tax clearly makes you understand why both are important to keep the nitty gritty of property affairs in the country very much transparent so as to avoid any future complexities in the growth of a country.
The property tax is actually calculated on the basis of the rent on which the property will be let out each year. The tax also depends on some other factors like the location of the property and value of the property. Remember, in a democratic country the acquisition of lands is a very complicated issue. One has to get into the details of the matter to understand how the whole system works. If you follow in the footsteps of Indiahousing, you will understand how the whole system works. Besides, you will also understand the composites of the Land Law in India.
You have to understand the fact that Land law is a complicated affair, which one has to understand so as to not leave any stone unturned for future eruption of problems. Nevertheless, understanding the nitty gritty of the law speaks the ultimatum. Once you are aware of the whole matter and know that there is transparency in the transfer of ownership, then in future it becomes easy to deal with any kind of problem.
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