Register Your Property and Stay Out of Trouble
Aug 14, 2018 Legal Guidance
We tend to postpone things where you need to shell out money. Delay in property registration is common to hold up spending money for some more time! You are even ready to buy a property when a builder offers you a great deal even if knowing the fact that the property is not being registered in your name yet. Well, what's wrong with it? Trouble may not be foreseen earlier; however, now you are likely to pay more if you delay further.
Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently announced that a buyer must produce registered sale agreement if the buyer is planning to claim the interest in case the builder delays possession of a property. Under the Act of RERA 2016, a builder is liable to pay interest of every money of the delay until possession is made. According to the law, the rate of interest is 2 per cent higher than the marginal lending rate in State Bank of India. Even Noida Authority will impose a penalty on home owners who have been delaying to register their property.
New circulation of Inspector-general of registration Maharashtra states that if owners of properties delay registering the property for more than eight months, they are liable to pay stamp duty as per the current market value instead of rates of prevalent at the time of buying the property. This rule is not only for houses but also for commercial spaces or even land. As per the rule, a property must be registered within four months of its purchase; an additional four months can be awarded in case of emergency.
In Noida, registration costs around 1 per cent of the total value of the property. Stamp duty for females cost 2 per cent less than males (10 per cent).
This has been enforced because many owners shirk away to register they properties to avoid stamp duty. This enforcement of rule will help ultimately to avoid fraudulent, such as multiple transactions on the same property. Multiple transactions kind of fraudulent is common in case of lands, where it has been claimed that sub-registrar do not check the details of the property while registering; and hence this results in fraudsters.
The ultimate goal is that you get the possession of the property on time. By registering you will force builders to complete construction on time as there will be legal norms. Besides, you can go to the court to claim interest from the builder in case of delay in possession.
Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently announced that a buyer must produce registered sale agreement if the buyer is planning to claim the interest in case the builder delays possession of a property. Under the Act of RERA 2016, a builder is liable to pay interest of every money of the delay until possession is made. According to the law, the rate of interest is 2 per cent higher than the marginal lending rate in State Bank of India. Even Noida Authority will impose a penalty on home owners who have been delaying to register their property.
New circulation of Inspector-general of registration Maharashtra states that if owners of properties delay registering the property for more than eight months, they are liable to pay stamp duty as per the current market value instead of rates of prevalent at the time of buying the property. This rule is not only for houses but also for commercial spaces or even land. As per the rule, a property must be registered within four months of its purchase; an additional four months can be awarded in case of emergency.
In Noida, registration costs around 1 per cent of the total value of the property. Stamp duty for females cost 2 per cent less than males (10 per cent).
This has been enforced because many owners shirk away to register they properties to avoid stamp duty. This enforcement of rule will help ultimately to avoid fraudulent, such as multiple transactions on the same property. Multiple transactions kind of fraudulent is common in case of lands, where it has been claimed that sub-registrar do not check the details of the property while registering; and hence this results in fraudsters.
The ultimate goal is that you get the possession of the property on time. By registering you will force builders to complete construction on time as there will be legal norms. Besides, you can go to the court to claim interest from the builder in case of delay in possession.
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