The government of Maharashtra has made slot-booking compulsory for registration of property from the month of April. The new directive has been issued in order to prevent Covid spread through restrictive movement at registration offices. From April, people have to book their slots through the e-step-in facility to register the property. The new system in place will help break the Covid chain and ensure more safety for the citizens. All the registration offices in Maharashtra will open between 10 am to 6 pm for 5 days a week in the month of April.
Homebuyers registering properties in the month of April, both who have paid in advance their stamp duty and those who will pay in April, will have to follow the slot booking procedure. People with valid slot notification will be allowed inside the office premise. Authorities are also encouraging developers for e-registration of new projects to decrease the footfall at registration offices.
For homebuyers, registration of newly bought property is a mandatory part to complete the buying process. Under the Registration Act, 1908, homebuyers have to pay a percentage of total purchased value in form of stamp duty apart from 1% registration fee or Rs. 30000 (whichever is lower).
Most states offer registration services in both modes as offline and online facilities. Buyers can opt for any of these services as per their convenience to register plots and apartments. The online registration services are offered to provide all property registration services in a time-bound and hassle-free manner.
However, the online process can only give partial registration and to complete the registration procedure, one has to visit the sub-registrar’s office. Homebuyers can use the official registration portal of Maharashtra state to fill key information about the property, seller and the buyer. Even homebuyers can also pay the registration fees and stamp duty online.
Under Section 25, Maharashtra Registration Act, homebuyers need to submit complete documents for a property deed within four months beginning from the registration date to their respective sub-registrar’s office. A violation in the registration process, the state may impose a fine of ten times the registration fee.
The following are the benefits offered to home buyers on registering their new house:
• Ensures the genuineness of the property deed.
• Reassures the transfer of title to the owner, conservation of evidence, and avoidance of frauds.
• Maintains a public record for property registration.
• Ensures the authenticity of sale purchase documents of the property.
• To produce security of title deeds and to prove titles in case the original deeds are lost or destroyed.
There are various sections under the Registration Act, 1908 that deals with the presentation of registration documents, by the homebuyer along with an authorised representative at the respective registration office.
A homebuyer needs to provide following documents along with the application to register a property:
• Copy of the agreement between the original purchaser and the developer
• Passport-size photo of both buyer and seller.
• Aadhar card of the homebuyer and seller
• Verified copy of the previous original sales deed
• NOC as per the land ceiling Act
• Copy of the recent property registration card
• Copy of the municipal tax receipt
• Completion certificate of the project
To assist homebuyers, especially the new one, HomeCapital offers interest-free loans for paying the initial amount to buy a property. This amount can be repaid in 12 easy EMIs. The scheme benefits young homebuyers who may not have sufficient capital to pay the down payment amount.
Owning a house is everyone’s dream, and property registration gives peace of mind to homebuyers in terms of genuine deals that do not invite any hassle post buying and payment. Every home buyer must register their property after thorough inquiry and proper documentation.
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HCPL and it's partners reserve the right to reject any application at any time in accordance to its policies. To qualify, a borrower must be a Indian citizen and meet our financial partners underwriting requirements. To check for an applicant’s eligibility, our lending partner will request your full credit report from one or more credit bureaus. Not all applicants receive the down payment assistance. To qualify for the program, you must have a responsible financial history and meet other conditions. Assistance limits displayed are indicative, actual limits will depend on number of factors. If approved, your program assistance tenure will depend on a variety of factors, including down payment assistance amount, repayment capacity, a responsible financial history, years of experience, income, home-loan to value ratio and other factors.
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