Five things to do to register a property in Delhi
Delhi may be slipping down in terms of real estate returns but still returns respectable profit. If you thought that finding a right property was tough, registering it would test your nerves nonetheless. From arranging the finances to completing all documents in order can take months, if not days..
In case this is your first investment, our experts point out five things that you must do to register a property in Delhi.
To register your property in Delhi, you need a distinct set of documents. The necessary papers highlighted on the DDA portal are:
If you are involving a third party to carry out the financial transaction, you have to produce the plausible financial documents to initiate the registration process in Delhi.
Delhi is ridiculously inclined at giving away assets to only compliant residents. Unless the society members are impressed, you may never get to see your property. As part of registering your property in Delhi, you have to earn the NOC from the society. It also covers the aspect where it the property status is declared: leased, gifted or freehold. Apart from these, you have to submit the Municipality Assessment bill and the Property Card. You must also register your property with a stamped and registered transfer deed.
The crux of registering your property is paying the fee to the Sub-Registrar of Assurances. For his, you have to seek an appointment in advance with the personnel. Usually, the registration fee is 2.5 percent of the market value of the property. It could be higher too depending on the paper work you have submitted. You can pay the registration fee through Demand Draft only as per the token number given to you by the officer.
Have you ever tied to ascertain the market value of the property you are vouching to register? Of course you have. But the official process to ascertain it is done by the registrar, especially when a disputed property or an old building is involved. It bears the depreciating value of the property as well. Adjucation process is valid for a period of six months, beyond which monthly interest is applicable. It can be done online as well, connecting your token number with the Adjucation Request form.
The registration process for your property in Delhi will be complete only when you mange to produce at least two witnesses. They have to be present during the approval process in front of the registrar. The witness has to produce original ID proofs. In case you are an NRI or an expatriate willing to settle in Delhi, your witness should be a native and must confirm that he/she knows you for at least 5 years. Otherwise, you might have to arrange for an assurance from your embassy or current organization, you are working with.
Once the signing formalities are complete, you can collect the documents from the registrar office. In case, you are travelling or are busy, you can take a print from online link or ask a nominee to collect it on your behalf.
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ABOUT THE AUTHOR
Naresh is a real estate expert and consultant from Delhi. He deals with analyzing trends in the market of residential apartments and house in delhi For more info visit CommonFloor.