The best feeling ever is to have a house of your own, a place that you can call home. When dealing with something so important it becomes crucial to know the prerequisites of buying a home. Registration of property is one of the most vital processes when purchasing a house or property. Property registration is a legal matter, and you should always try to hire a professional to avoid any error in technicalities.
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What is Property Registration?
Property registration is the complete and final document or agreement that is signed by the two parties involved in the deal of property. The seller and the buyer are involved in the process of registration of the property. If a property is registered, that means that the buyer holds the legal ownership of that property, and that person is responsible for the property. The process of property registration is done in the sub-registrar office. The property registration document is a complete and final agreement that is signed between two parties. Registration of property in India is regulated by the Registration Act, 1908.
What is the Importance of Property Registration?
It is really important to register your property as without this document you can lose possession of your property. There is no legal validity of an unregistered property. Even if you’ve bought the property and have all the other documents if you don’t have the registration documents than anyone can raise a legal dispute over that property. Registering a property legalizes that you have complete and valid ownership of the property, and it provides you with the title of possession of the property. An unregistered property cannot be accepted as evidence in any court cases.
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How Does the Process of Property Registration in Bangalore Take Place?
You can register your property online as well as offline in Bangalore. It can be hectic and confusing to get your property registered. Here is a step-by-step guide on property registration in Bangalore.
Online method: the government of Karnataka has introduced an online method of registration of property. You can comfortably register your property on Kaveri. Kaveri is a web portal that provides various government document-related online services. These services include registration of property, guideline values, encumbrance certificate, etc. To register your property in Bangalore, you have to follow the given steps-
- Visit the Kaveri online services web portal. The link to the portal is- https://kaverionline.karnataka.gov.in.
- If you already have an account then you should log in with your credentials. In case you are a new user then register a new account and provide the required details.
- After this, click on the document registration option.
- In this section, enter your details such as the number of parties involved in the formation of the document, date of sale deed, name of the witness, buyer, and seller.
- After filling in all the details, choose the ID proof that you’ll be providing which is your Aadhar card number or other identification documents.
- Now you’ll be redirected to the property details page. Fill in all the details. These details include the type of land that is non-agricultural or agricultural, district, sub-registrar office under whose jurisdiction the property falls. Make sure to write the guideline value.
- Then calculate the resultant stamp duty.
- Upload the required documents like address proof and sale deed.
- Select the method of payment. Add details like challan number, cheque number, and date of challan.
- Then you can book an appointment at the sub-registrar office where you have to submit the required documents on the scheduled date.
Offline method: this method is more time-consuming than the online method. You have to visit the sub-registrar office of the area in which the property is present. There you’ll have to provide the required documents and both the seller and the buyer have to sign the registration document. Along with this, you have to bring two witnesses. After paying the registration fee and stamp duty you can collect the registration document after the time specified by the sub-registrar.
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How Much Does It Cost to Register Your Property in Bangalore?
Property registration in Bangalore requires you to pay the registration fee, stamp duty, and challan fee. Along with this, you have to pay some additional surcharges.
The registration fee for property registration in Bangalore is 1% of the property value.
The additional charges are of three types- BBMP and village area cess, BMRDA and surcharges, BBMP and corporation surcharges. These are 10%, 2%, and 3% on stamp duty respectively.
You also have to pay stamp duty which is 5.6% of the value of the property.
To calculate the stamp duty, you can use the stamp duty calculators available online. All you have to do is enter the details of your property and click on the calculate option. The calculator will automatically provide you the estimated stamp duty of your property. Read more about stamp duty from here.
Latest Updates on Property Registration in Bangalore
In recent years, the government of Karnataka has decreased the stamp duty charges. Properties ranging between Rs. 35 lakhs to Rs. 45 lakhs have a stamp duty of 3%. Any property that is above Rs. 45 lakhs will have a stamp duty of 5%. This decrease in stamp duty charges is an attempt to encourage people to purchase more property. For property registration in Bangalore, if the property is valued less than Rs. 35 lakhs then the stamp duty will be decreased.
Property registration in Bangalore is required for you to have legal ownership of the property. By doing so you decrease the chances of disputes over possession of the property. The process of property registration can be done online as well as offline.
For online registration, you have to visit Kaveri online services which is the official web portal of the Karnataka Government for registration and other documentation. Offline registration is done in the sub-registrar office of the property’s district.
While dealing with legal matters like property registration in Bangalore you should make sure to avoid any space for errors and mistakes. For this purpose, you should always prefer the help of some professional lawyer or consultant. You can find all the proper related services at NoBroker. If you need help with property registration, encumbrance certificate, loan assistance, etc. You can depend on the expert team at NoBroker. Get assistance with the legalities of buying or selling property. You can rest easy and rely completely on NoBroker to get the best property-related services.
Frequently Asked Questions (FAQs)
When you’re purchasing a property in Bangalore and you haven’t gotten it registered then that means you don’t have the ownership of the property. Your property is at high risk of legal disputes. By doing property registration you can have the title of possession of the property.
Most recently the government of Karnataka has decided to slash the stamp duty charges on properties. This will result in increased sales of property which will ultimately lead to more revenue collection by the state. For a property above Rs. 45 lakh the stamp duty has been decreased to 5%. And on a property below Rs. 45 lakh the stamp duty to be paid is 3%.
Property registration has been made mandatory by the government of India. This is governed by the Registration Act, 1908. Registration of property is one of the main sources of revenue collection by the state government, and thus it is a legal obligation to register your property and pay taxes in form of the registration fee and stamp duty. An unregistered property will have no legal ownership.
Stamp duty varies with the change in the value of the property. In Bangalore, the stamp duty is 5.6% of the property value. You can easily calculate the stamp duty online by using stamp duty calculators. First, you have to enter the details of the property that is the state in which the property is and the property value. If you don’t know the property value you should first check the guideline value and market value of the property and use that to calculate the property value. After filing the property value all you have to do is press the calculate button and the calculator will automatically tell you the stamp duty for your property.