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19 Aug 2020

Here’s How To Do Property Registration In Pune

The year by far has been one of the most testing ones for everyone across India and the rest of the world. Many industries took a hit, which led to the slowdown of our economies. The real estate sector of India wasn’t an exception either. Now the previously plummeting economies are finding their way out and are on the verge of recovery. Taking the current scenario into account and the need to revive the real estate sector of Maharashtra, the government has decided to resume online property registration and stamp duty of sale and purchase of properties.

What is property registration and why is it needed?

Property registration is a documented process that involves changes in ownership and transactions regarding an immovable property. When you decide to buy land or property, the next step is to get it registered with the concerned authority. This step guarantees a legal ownership title to you, and reduces the risk of fraud and helps resolve disputes. It also helps create and maintain an up-to-date public record.

How to register a property?

The process of property registration in Pune is quite easy. Just remember to follow these simple steps for a smooth registration of your property.

  • Pay the required stamp duty and registration charges in Pune
  • Pay the computer services charges as per requirement
  • Taken an appointment of the sub-registrar one day before the day of the intended appointment
  • Take two witnesses with you

What are the stamp duty and registration charges in Pune?

The registration fee is 1 percent of the market value or up to a maximum of Rs. 30,000/-, as per the valuation and as prescribed in the Registration Act of 1908. It is accepted by a Challan, cash payment in the Reserve Bank of India, or by Pay Order. On the other hand, the Stamp Duty gets calculated as per the ready beckoner’s rate. The Division of Property, Cadastral Survey Number, or CTS Number of the property takes the decision.

What are the documents required for registration of flat or land?

The registration procedure is usually quick if you have all the right documents in place. The documentation required to kick-start the registration process are:

  • No Objection Certificate (NOC) under the Urban Land Ceiling Act if the area of land transferred in Pune city exceeds 500 sq. m.
  • NOC of the government, semi-government body, or the charitable trust in case the land belongs to any of these institutions
  • Property Card of the landholding which houses the property. The property card needs to be produced at the time of registration whether you own the land or a flat in the apartment building on the respective land
  • If you plan to purchase property in an old building and claim the benefit of depreciation on the market value, then either one of the following documents needs to be produced as a proof of old construction:
  • Municipal assessment bill of the building OR
  • Building Completion Certificate OR
  • Original registered agreement between the builder and original purchaser of that flat or of any other flat in the apartment building
  • Get the document adjudicated in case the building is quite old and the sub-registrar fails to give proper depreciation of the asset

The total registration procedure takes about 30 minutes to get completed, and the document gets delivered to the concerned party on the same day. There are several other nitty-gritties involved in the registration process. However, if you buy property at Amanora Park Town, our staff assists in the entire transaction process, and you can expect complete transparency at our end. Therefore, if you wish to live the lifestyle you've dreamed of, in a community you can call your own, in Pune, head over to Amanora Park Town and take your pick from our assortment of properties.