Real estate is a booming sector in India. Manufacturing and construction continue to be the largest employment generators after services. However, you cannot buy or sell property without properly registering it with the relevant authorities.
Registration of Property requires you to meet several legal and technical requirements, which many find difficult. You need to get your documents checked by an expert real estate lawyer, pay stamp duty and other registration fees, etc.
The process of registering a property can be quite complex for someone who has no experience in dealing with such matters.
Fortunately, there are professionals who specialize in real estate management and will make things easier for you at a reasonable fee. If you’re planning to buy or sell property soon, keep reading for useful tips on how to register a property in India!
Know the different types of Property Registration in India
There are three different types of property registration in India, namely, Residential Property Registration, Commercial Property Registration and Industrial Property Registration.
Residential property refers to any building or part of a building that is used for residence, either by one person or by more than one family.
Commercial property refers to any building or part of a building that is used for the purposes of commerce, trade or any other business or commercial activity.
Industrial property refers to any machinery or equipment that is used for the purpose of industrial production. It also refers to buildings or land used for the purpose of industrial production.
Registering Residential Property in India
Residential property can be registered with the help of a legal or practicing professional or with the help of a real estate agent who will guide you through the registration process.
Residential property can be registered with the help of a legal or practicing professional or with the help of a real estate agent who will guide you through the registration process. For registering a residential property, you need to submit documents such as the title deed or conveyance deed, RCR (Residential Completion Report), Building Completion Report, and Electrical and Plumbing Completion Report.
Residential property registration in India is a lengthy and complicated process. It can take at least two months to get it completed. Most people prefer to register their property through a real estate lawyer or an agent who can ensure that the process is completed within the required timeframe. If you plan to sell your residential property in the future, it is crucial that you register it.
Registering Commercial Property in India
The process of registering commercial property in India is similar to that of residential property registration. You need to submit the title deed or conveyance deed, RCR, and ECR (Electrical Completion Report).
You also need to submit copies of the tenancy agreement and rent receipts for the previous two years. Like residential property registration, commercial property registration also takes a long time.
If you want to quickly sell your commercial property, you can register it under an assumed name. You need to submit an affidavit in the Commercial court to do so.