Registering a Property? Remember These Points Before Beginning the Process

Investing in real estate is one of the most important steps undertaken by people of this century. Due to the growing demand for residential properties, there has been an exceeding number of real estate investors and homebuyers in India. However, certain things need to be kept in mind before purchasing a property to make the home buying process a seamless and transparent one. Property registration is one integral process of home buying, which everyone must know. You need to follow the complete procedure and keep the registration papers, as it is the proof of your ownership.

Following are some of the key things you must know to understand the property registration process:

1. Keep things ready

As a homebuyer, you must always keep the documents required for property registration ready with you to avoid unnecessary hassle at the last moment. Even during online property registration, you need to keep the soft copy of your identity proof and other certificates or licenses ready.

1. Be prepared for the day

You must be ready to dedicate an entire day for the registration of your property. This is because in some cases, it is necessary to sign the papers in the Magistrate’s office. It is a known fact that Government procedures take a considerable amount of time. So, you must be prepared to spend the major portion of a day at these local bodies.

1. Witnesses

Witnesses are very important on this day. It is recommended that you appoint witnesses who are well known to you. Moreover, the witnesses need to provide their identity proof. So, make sure that they carry their valid IDs with them.

1. Safe transactions

One of the most important things to keep in mind is the payment that you do at various steps in the home buying process. The stamp duty and registration charges are usually done before registering your property. Therefore, keep an acknowledgement or a receipt of all the transactions for future reference.

1. Ensure fulfilment of all formalities

You must note that if the valuation of your property is above Rs. 50 lakhs, then TDS at 1% of the property’s valuation needs to be paid. The TDS on property is mandatory, and thus, you must ensure that you have paid it. It is necessary to keep a proof stating that you have made this payment for any future purposes.

While these things may make you anxious about buying a property, you need to understand that all of these are the prerequisites to any real estate purchase. It is recommended that you take some legal advice prior to getting involved in these. Moreover, you can also make your home buying process much simpler by opting for reputed real estate developers and their projects. One of them is Mahindra Lifespaces, which is trusted by a colossal number of real estate investors. Creating some of the most technologically advanced homes at the most affordable prices, they have been making quite a name in the market. This has been possible because Mahindra Lifespaces aspires to create homes that echo perfection from every corner.

Mahindra Lifespaces is one of the leading real estate development companies in India. We have projects across the country and provide thoughtfully designed living spaces.