Registration of property in Pune
Property Registration in Pune: A Complete
Step-by-Step Guide
Congratulations on your decision to invest
in property in Pune – one of India's most dynamic and fast-growing real estate
markets! However, the final and most critical step of your property purchase is
the legal registration. This process, governed by the Registration Act, 1908,
and the Maharashtra Stamp Act, can seem daunting with its legal complexities
and paperwork.
This guide is designed to demystify the
property registration process in Pune, ensuring you are well-informed and
confident.
Why
is Property Registration So Important?
Property registration is not just a legal
formality; it is the act that transfers ownership rights legally from the
seller to you. An unregistered property deal is invalid in a court of law. It
provides you with:
Legal
Proof of Ownership: The registered deed is your primary legal document.
Title
Clarity: It helps prevent future disputes over ownership.
Government
Recognition: Your transaction is recorded with the government, making it
transparent and secure.
Essential for Future Transactions: You will need this document for selling, gifting, or obtaining loans against the property in the future.
Step-by-Step Process for Property Registration
in Pune
Step
1: Document Verification & Due Diligence (The Most Crucial Step)
Before you even calculate stamp duty,
thorough due diligence is essential. This involves verifying:
Title
of the Property: Ensuring the seller has a clear, marketable title with no
encumbrances.
Encumbrance
Certificate (EC): Procured from the Sub-Registrar's office, this confirms the
property is free from any legal dues or mortgages.
Approved
Plans: For new constructions, verify that the building has all necessary
approvals from the Pune Municipal Corporation (PMC) or Pune Metropolitan Region
Development Authority (PMRDA).
Property
Tax Receipts: Ensure all existing taxes are paid up to date.
Completion
Certificate/Occupancy Certificate: Mandatory for apartments and new buildings.
> [Your Service Highlight Here]: This is where most individuals face challenges. Our team of experts conducts meticulous due diligence, scrutinizing every document to protect you from fraudulent deals and future litigation.
Step
2: Calculation and Payment of Stamp Duty & Registration Fees
Stamp duty is a state tax on property
transactions. In Pune, the rates are:
Within
PMC Limits: 5% of the property's market value or agreement value (whichever is
higher) for male owners. Concessional rates of 4% are available for properties
registered in a female's name.
Within
PMRDA Limits (excluding PMC): 6% for male owners and 5% for female owners.
Registration
Fee: A fixed fee of 1% of the property value (subject to a maximum cap).
You can pay stamp duty via:
Non-Judicial
Stamp Paper: Traditional method.
e-Stamping
(Recommended): A secure, online method through the SHCIL portal. It prevents
fraud and is widely accepted.
Franking: Getting the documents franked from an authorized bank.
Step
3: Preparing the Sale Deed
The Sale Deed is the main legal document
that details the transaction. It must be drafted meticulously by a legal
professional and include:
Details
of the buyer(s) and seller(s)
Accurate description of the property
Total sale consideration
Mode of payment
Rights and obligations of both parties
We
ensure your Sale Deed is drafted flawlessly, covering all critical clauses to
safeguard your interests and prevent ambiguous terms.
Step
4: Scheduling an Appointment at the Sub-Registrar Office
All property registrations in Pune are done at the designated Sub-Registrar of Assurances (SRO) office under whose jurisdiction the property falls. You can now book your appointment online through the [Maharashtra Inspector General of Registration (IGR) website](https://igrmaharashtra.gov.in/), which saves significant time.
Step
5: Execution and Registration
On the scheduled date, both parties (buyer
and seller) must be physically present at the SRO office with two witnesses.
The Sub-Registrar will:
Verify the identities (using Aadhaar, PAN, etc.).
Confirm the payment of stamp duty.
Read aloud the salient features of the deed (if requested).
Retain one copy for government records and return the registered,
original copy to you.
Checklist of Documents Required
Original Sale Deed (for previous transaction)
Proof of Identity (Aadhaar, PAN, Voter ID, Passport) of Buyer, Seller,
and Witnesses
Proof of Address
Passport-sized Photographs
Property Card/7-12 Extract
Latest Property Tax Receipt
Encumbrance Certificate
Approved Building Plan & Completion Certificate (if applicable)
e-Stamping payment receipt
No-Objection Certificates (NOCs from society/developer if applicable)
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