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Land Registry becomes important whenever there is a change in the ownership title of a property. It is a process through which the local administrative authority keeps track of the property transaction that occurs within the boundary of its governing area. The ownership record of an immovable property is kept lying at the local authority of a region, state or country, which needs to be updated whenever a property change hands in ownership. When you register a property or a piece of land, you become a legal owner of the same, thus greatly reducing the chance of fraud and also helping you out at times of land disputes.
Land Registry in India
Land Registry in India is a subject mainly dealt by the individual state's authorities. Most of the state has their own property registration authority which sets rules and regulation regarding the forms and charges of land registration process. Though there might be some differences in the amount of registration fees chargeable, the procedure remains more or less the same for many states in India. The important stages of land registration in India are as follows:
I. To start with, you need to go to the office of Sub-Registrar of Assurance for the purpose of searching documents pertaining to the property concerned. You must check the location details of the property and also make a note of the time period to be checked. It may cost you Rs 10,000 and may take up to 5 days to go through this stage.
II. Next stage involves the preparation of sale documents by the purchase lawyers which may take seven days at the most and may cost you Rs 18,000 to 21,000.
III. After that the payment for Stamp Duty on the final Sale Deed is made and the amount is deposited at a bank which may take hardly a day to finish. The amount you pay for the cost of Stamp Duty is five percent of the value of property concerned.
IV. In the next step the, the execution of final sale deed occurs wherein you are required to submit the documents verifying the real estate transaction that occurs between the buyer and the seller of the land. The fees and other charges you pay at the office of Sub-Registrar of Assurance may go up to Rs 30,000 in addition to the cost you pay for the scanning of the sale deed.
V. The final stage allows you to move to the municipal authority for mutation of the Title of the property, which usually takes 30 days and costs around Rs 300.
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