Stamp Duty for Non Residential Property is Straight away 5% of the Market Value.
Property Registration in Mumbai
Property is one of the investments for long-term investment. When buying or selling a property it is compulsory to register. It ensures legal transfer and ownership of property. Registration act as a proof for transaction and registration is done after execution of agreement. The language of document can be English, Hindi, Marathi or Gujarati so that it can be registered in Mumbai.
Documents or Papers Required for Property Registration in Mumbai refer to Documentation Section
Steps or Process involved in Registration of Property in Mumbai
The real purpose of registration is to ensure that every person dealing with property can confidently rely on the statement contained in the register. The process of registration mainly involves the following steps.
Pay proper stamp duty: Ascertain stamp duty either you can find out the market value of your property and the stamp duty amount on it from the Ready Reckoner or get the document adjudicated. Registration Fees: Pay the registration fees by challan/pay slip from nationalized bank. This registration fee should be paid a few days before going for registration and the receipt is to be shown to the Sub-Registrar’s Office one day before the actual date of registration. Obtain the appointment: Party has to obtain the appointment date, time and token number from Registrar’s Office prior to one working day of intended Registration. All the parties to the documents have to remain present at Registrar Officer to comply with Registration formalities on such appointed time. Two Witnesses: The sub-registrar first obtains signature of parties and witnesses in his presence. Thereafter Registrar puts his official seal and affixes unique numbering block on each page including the additional sheets and sheets which generally carries photographs, signatures, details of parties and witnesses.
The copy of such pay order/demand draft of bank for registration is to be submitted on the day of taking token number. Pay the required registration fees and computer service charges in cash as per the receipt when token number is being announced. Submit original document and one copy of each document. After completing the formalities the original document is returned to the party presenting the document for registration. This completes the process.
CAclubindia
