Tag Archives: Rajasthan

Process of Property Registration

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We’ll discuss some of the main points on the entire process of registration of a property in India. Although this process is quite complex, it may require a lot of time and effort by the registry office to complete. So let’s start the process of registering a property in India with propertywala.

Karnataka Property Registration - Procedure and Charges - IndiaFilings

STEPS OF PROPERTY REGISTRATION IN INDIA:

  1. The first step is to choose the property and look for all the details in the property. Negotiate with the seller. Pay 10% booking amount. Then we have an agreement to sell.
  2. Buyers should check that there are no liens or other encumbrances on the property before they make an offer.
  3. Calculate Stamp Duty. Stamp Duty is the tax levied on the transfer of real property in the state. Stamp duty rates vary from state to state. It’s calculated either on the circle rate or on the market rate, whichever is higher. It’s generally 3-10% of the property value and 1% is the registration charge.
  4. There are three methods for paying stamp duty, as follows:
    1. Method 1 – Non-Judicial stamp paper (picture). If stamp duty is Rs. 1 lakh, buy papers worth Rs 1 lakh, where sale deed will be printed on an official stamp paper.
    2. Method 2 – Franking method – Print the sale deed on plain paper. Pay stamp duty in the cheque, cash, online, or DD draft. Then the bank attests to the sale deed.
    3. Method 3 – E-Stamping (picture) – it will mention all details – generated online – Go to Stock holding corporation of India – www.shcilestamp.com. Payment will be made only at authorized centers. Collect e-stamp then.

HOW TO CALCULATE STAMP DUTY:

Now, buyers should also be aware of the Stamp duty calculation. They should also know that this tax is payable when they register their property.

For example, if the actual value is Rs. 40 lakhs and the circle rate is Rs. 50 lakhs, then you have to pay stamp duty at the highest rate out of the two. Hence, in this example, because the circle rate is greater than the actual rate then you have to pay a stamp duty of Rs. 50 lakhs.

And in another case, let’s assume that you bought a property in India with a market value of Rs 90 lakhs and the circle rate was Rs 80 lakhs. In this case, you would have to pay a stamp duty of Rs 90 lakhs. Therefore, you can calculate your stamp duty. In addition, you can also estimate stamp duty online because it varies differently and is higher in large cities and towns than in small towns or cities.

5. The next thing is a draft and print sale deed or conveyance deed, or gift deed. It mentions all details like name, address, age of both the buyer and seller, etc. It provides details about payment, including through cheque, cash, or any other method. After that, you have to print the sale deed on stamp paper and then sign each page of the sale deed. Two witnesses also have to sign the last page of the sale deed.

6. After drafting and printing the sale deed, you must register it at the sub-registrar office. The office should be located in a fixed zone of your property’s locality. To schedule an appointment online or to obtain a token number, contact the sub-registrar office by phone or in writing. Both buyer and seller should attend the registration; witnesses should be present as well. If either of them cannot attend, they must appoint someone to act on their behalf with power of attorney. All parties should bring documents such as an Aadhaar card and an identity document. Three photographs will be attached to the sale deed, and both buyers and sellers will be asked to sign their names in the presence of a sub-registrar. Fingerprints will also be taken for security purposes.

7. After that, you have to collect the registered sale deed. The deed can be collected within 15-20 days. If you took a bank loan, the bank will collect the original deed.

8. Now that the registration process is over and the property transfer is complete, you need to change the name in the land records. This process is called a mutation. If your property is located in a rural area or outside municipal limits, you will have to change the name in land records. The mutation has different names in different states. For example Jamabandi in Haryana, Punjab, and Rajasthan; Khatauni in Uttar Pradesh; 7/12 in Gujarat and Maharashtra; and Khatian in Orissa, West Bengal, and Bihar. After you register your property, the whole process of registration of your property is completed.

Rajasthan Govt. Reduces Stamp Duty and DLC Rates!

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Lower DLC rates improves the demand. Earlier, when a consumer bought a flat of up to 50 lakh, he/she had to pay a total of 8.7% stamp duty. But now, after the reduction, the buyers will only have to pay a total of 5.7% stamp duty including other taxes. Hence, this will definitely boost morale of the affordable home buyers. 

To increase the demand of the developers in the state, the CM declared a reduction in stamp duties on residential units in multi-story buildings. The stamp duty has been reduced from 6% to 4% and is valid till June 30, 2021. However, this benefit is only applicable to buyers who purchase an apartment of Rs 50 lakhs.

The government also reduced stamp duty for EWS and LIG category. Under the Affordable Housing Scheme, the stamp duty for EWS and Low Income Group (LIG) has been reduced to 0.50% from 1% and 2%. 

Builders, buyers, and developers have praised the government’s move to lower DLC rates in the state. The reduction is unlikely to bring a substantial change in market conditions. It is expected that reducing DLC rates improve the demand and give better leverage to deal-making. 

After the pandemic, the demand for housing under EWS and LIG categories has increased at a fast pace. The reduction in stamp duty will definitely boost morale of the affordable home buyers. Additionally, this government initiative will provide capital gains tax relief for the entire sector, on property valuations that are below the DLC in many areas.

Expert opinion- 

Gopal Prasad Gupta, Rajasthan Credai chairman also appreciated and welcomed this government approach. He said- “During the pandemic and lockdown period, the stamp duty increased to 6% from 5% as a result both consumers and the real estate industry faced a downturn. The total stamp duty has gone up about 8.7% including 1% registration fee and 30% other taxes.”

Earlier, when a consumer bought a flat of up to 50 lakh, he/she had to pay a total of 8.7% stamp duty. But now, after the reduction, the buyers will only have to pay a total of 5.7% duty including other taxes. Hence, this not only reduces the overall cost of an apartment but also benefits buyers financially. 

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Realtors upset with the policies of Bhubaneswar Development Authority.

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The real estate developers on Thursday reacted sharply to the Bhubaneswar Development Authority’s (BDA) move to change the definition of “apartment” and “group housing.”

Talking to reporters here, Confederation of Real Estate Developers Association of India (CREDAI) state president D S Tripathy said the new definitions are vague and will result in the harassment of people while constructing houses.

The draft BDA (planning and building standards) amendment regulations-2012 proposes to amend the definition of apartment as building constructed in one block having more than four dwelling units where land is owned jointly and construction is undertaken by one agency. Under the existing BDA regulations 2008, an apartment is defined as a building having six or more dwelling units.

Tripathy said under the new definition houses of joint families may become apartments. As a result, such families would have to meet the required road width of minimum nine metres, he said. Tripathy said certain apartments can never form societies for which at least seven members are required. Similarly, the new definition of ‘group housing,’ building with more than one dwelling unit, where land is owned jointly and the construction is undertaken jointly by one agency, is vague and don’t convey clarity.

CREDAI, which suggested its comment on the draft regulations, open for public suggestions, is of the view that creation of the new “settlement fund” and earmarking of 10% of all housing projects for economically weaker sections is not going to help the poor. “It seems impractical that BDA will construct EWS houses using shelter fund,” the CREDAI chief said.

The CREDAI, Odisha, suggested that the state government should formulate an affordable housing policy on the lines of Rajasthan, which looks more realistic, gives incentives to builders and subsidy to weaker sections.

Jaipur Tourism City – India’s First tourism city with 300 acres entertainment, retail and residential space

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Jaipur Tourism City is a new 400 acre mixed use destination resort and is slated to be India’s first vacation city. The resort is comprised of two sites which are separated by a major highway. The project is one of a kind landmark retail/entertainment hub along the highway. The program includes retail, five hotels, two themed attractions, a golf course and residential.

Jaipur Tourism City also boasts of a 30 acre retail/entertainment destination as part of the overall 400 acre resort. The various components, including a 400 room hotel, are connected by a series of plazas, terraces and streets. An 800,000 sq. ft. mall and 200,000 sq. ft. entertainment complex form the central hub and landmark of the resort.

More information or Booking inquiry