Property registration is the process of registering a property with the government authorities to establish legal ownership and transfer rights. Here’s an overview of the advantages, disadvantages, and procedure of property registration:
Advantages of Property Registration:
- Establishes legal ownership: Property registration establishes legal ownership of the property and provides documentary evidence of the same.
- Facilitates transfer of ownership: Registered property can be easily transferred to another person or entity, which facilitates buying and selling of property.
- Acts as collateral: Registered property can be used as collateral for obtaining loans from banks or financial institutions.
- Protects against fraud: Property registration protects against fraudulent activities like forgery and impersonation, as it involves verification of the seller’s identity and ownership.
Disadvantages of Property Registration:
- Time-consuming: The process of property registration can be time-consuming, as it involves obtaining various documents and clearances from the authorities.
- Costly: Property registration involves payment of registration fees and other charges, which can be expensive.
Procedure for Property Registration:
- Obtain the sale deed or conveyance deed from the seller.
- Obtain a no-objection certificate (NOC) from the relevant authorities, including the society or builder, if applicable.
- Obtain a valuation report of the property from a registered valuer.
- Pay the stamp duty and registration fees as applicable.
- Submit the documents and fees at the sub-registrar’s office along with a request for registration.
- The sub-registrar will verify the documents, register the property, and issue a registration certificate.
In summary, property registration establishes legal ownership, facilitates transfer of ownership, acts as collateral, and protects against fraud. However, it can be time-consuming and costly. The procedure for property registration involves obtaining the sale deed, NOC, valuation report, paying the stamp duty and registration fees, and submitting the documents at the sub-registrar’s office for registration.