The procedure for registration of the property involves making a stamp duty and paying the registration fee for the sale deed and have the documents legally recorded with the sub-registrar of your area.
In case it’s the sale of secondary property, it will involve stamp duty and registration of transfer deed.
The registration of the property involves-
The timeline for the submission of the documents for registration is within four months from the date of execution.
Documents required for the registration of the Property are-
A. These are the charges payable by the buyer to the government for taking the possession of the property. Different cities have different registration charges. The government keeps on changing these charges from time to time. The charges applicable at the time of registration are to be borne by the buyer. The current charges for registration are approximately 5-6%.
However, in many areas the government has put a ceiling on the cost of the property for females for availing the discount benefit on registration it is around Rs. 10 lakhs i.e. if a female buys a property which costs more than Rs. 10 Lakhs then even she has to pay the top slab of registration.
The Payment method and schedule is provided by the builder, mentioning details of how the buyer needs to pay for the property and at what stages the other charges are payable by the buyer. The different types of payment schedule are: -
This payment plan is normally scattered over a period of 3 years but as this is linked with construction it stretches till the time the construction of the property is not completed. The buyer of the property has to pay in accordance with the construction of the property, however the first 20% -30% payment in most of the project is time-linked which is an industry standard, this is the most used payment plan by the buyer as it involves the least risk since the buyer doesn’t need to pay if the construction is not happening.
In this payment plan, 95% of the cost of the property is paid within 30 to 45 days of the booking in the project and the remaining 5% is paid at the time of possession. It the riskiest payment plan as 95% of the cost of the property reaches the builder without any kind of construction.
Subvention means financial support; this is the safest payment plan as it involves three parties Buyer, Builder, and Bank, the bank only gets involved if the project is 100% safe, it is also popularly known as No EMI Plan. This payment plan normally comes with a No EMI till a particular date or till possession. For Example 20-80 scheme in Indiabulls.
How this Plan works: -