Property Registration in Mumbai

First and foremost, verify the title deeds of the property you intend to buy. After due diligence and price negotiations, it is time to draw up the agreement of sale. This agreement to sell is a very important document in property dealings. It contains the terms and conditions agreed upon between the parties and they are legally bound to follow them.

The clauses that go into a Sale Agreement:

·         Names of the seller and buyer, their age, and residential addresses.

·         Place and date of execution of the agreement.

·         The competence of parties to enter into the said agreement.

·         Rights and liabilities.

·         Documents showing how the seller came to own the property

Procedure to register the sale agreement in Mumbai:

After the agreement is drawn up, the execution of the Agreement needs to be witnessed by two persons capable of entering into a contract. It is generally advisable to have one person from the purchaser's side and one from the seller's side.

Sale deed creation:

The Sale Deed is the legal document that proves the transfer of ownership of a property in a court of law. It must be drawn up with caution. All details like the name of the road on which the property is located, the name of the present occupant, the survey number of that property, the name of the area where the above property is located, e.g., Revenue village, the name of Taluka, etc must be clearly mentioned.

Sale Deed Execution:

Ø  First, the Deed is drafted, approved by both parties, and printed on non-judicial stamp paper.

Ø  Then an appointment is fixed with the sub-registrar under whose jurisdiction the said property is situated.

Ø  Two witnesses, the buyer and the seller, need to go to the sub-registrar’s office and sign the documents after paying the fees.

Ø  The officer then issues the registered deed.

Registration of the Sale Deed in Mumbai:

In Mumbai, property registration formalities come under the purview of the Department of Registration & Stamps, Government of Maharashtra. The property registration can be done at the Sub-Registrar’s office from 10 am to 5.45 pm.

Registration fees, Stamp duty, document handling charges, and data entry charges are applicable during property registration, out of which stamp duty is the major component.
It is paid by affixing non-judicial stamps to the document as per the market value of the property or on the sale agreement value, whichever is higher.

In Nagar Panchayat, it is 3% – Mainly in rural areas of Maharashtra

In the Municipal Council,it is 4% – Areas under Municipal Corporation, MMRDA, and Adjoining Cantonment and Influence Zone.

In Municipal Corporations it is 5% – Areas under Municipal Corporation and Adjoining Cantonment Areas.

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