Immovable Property Registration India – Registration Act, 1908 provides for the compulsory registration of documents related to sale and purchase of Immovable property, i.e. documents pertaining to registration of ownership changes and transactions involving immovable property. This guarantees a legal ownership title to the real owner, thereby reducing risk of fraud and helps solve disputes easily, in addition to creating and maintaining an up-to-date public record.
Section 17 of Registration Act, 1908 provides for documents of which registration is compulsory:
(a) instruments of gift of immovable property;
(b) other non-testamentary instruments which purport or operate to create, declare, assign, limit or extinguish, whether in present or in future, any right, title or interest, whether vested or contingent, of the value of one hundred rupees, and upwards, to or in immovable property;
(c) non-testamentary instruments which acknowledge the receipt or payment of any consideration on account of the creation, declaration, assignment, limitation or extinction of any such right, title or interest; and
(d) leases of immovable property from year to year, or for any term exceeding one year, or reserving a yearly rent;
The documents are compulsorily required to be registered within four months from the date of sale, it helps conservation of evidence, assurance of title, publicity of documents & prevention of fraud. The payment of proper Stamp duty on instruments bestows legality on them. Such instruments get evidentiary value & are admitted as evidence in Court.
From August 2011, the local residents of Gurgaon would be able to get online appointment with local authorities for property registration matters.
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