Registration means recording of the contents of a document with a Registering Officer and preservation of copies of the original document. The documents are registered for the purpose of conservation of evidence, assurance of title, publicity of documents and prevention of fraud. Also, registration helps an intending purchaser to know if the title deeds of a particular property have been deposited with any person or a financial institution for the purpose of obtaining an advance against the security of that property.
The registration fee at present fixed for registering documents relating to property transactions are approximately 1% of the market value or agreement value whichever is higher subject to Maximum of Rs.30,000/-. The registration fee for the immovable property transactions is leviable on the market value of property on which stamp duty is charged.
At the time of lodging a document for registration of any instrument, the original document which should be printed on one side only have to be submitted to the Registering Officer. The registration procedure also requires the presence of two witnesses and the payment of the appropriate registration fees.
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