Understanding Property Registration and Stamp Duty in Gurgaon

Karan

Feb 162 min read

We often hear that it is illegal to have an unregistered property, or property registration is necessary, but why? Property registration is a crucial step in real estate transactions, ensuring legal ownership and preventing disputes. The property registration in Gurgaon comes under the command of the Government of Haryana. Let's look at the laws and regulations for property registration and stamp duty in Haryana and understand its aspects.

Importance of Property Registration

Registration of property is the proof of ownership. Without property being registered it is not considered a transferred or purchased property and can cause trouble to the owner. There can be possibilities of fraud and the seller can refuse to sell the property after getting money. Without registration, a property transaction is not considered legally valid. It also helps the government maintain accurate land records and ensures transparency in real estate dealings.

Stamp Duty and Registration Charges in Gurgaon

Stamp duty is a tax levied by the government on property transactions, while registration cost is the cost to record that transaction. In Gurgaon, these charges vary based on factors like property type, gender of the buyer, and property value.

Current Stamp Duty Rates in Gurgaon

For male buyers: 7% of the total property value
For Female Buyers: 5% of the total property value
For joint property (i.e. male & female buyer): 6% of the total property value.

Current Registration Rates in Gurgaon

The registration fee in Gurgaon is 1% of the property value, subject to a maximum cap as per government regulations.

Steps for Property Registration

Property valuation: Determine the property’s market value as per the current circle rates.

Stamp Duty payment: Pay the applicable stamp duty on the property value via online or offline mode.

Document Preparation: Prepare essential documents like the sale deed, property title deed, identity proofs, and encumbrance certificate.

Submission at the sub-registrar office: Submit all the documents at the sub-registrar office for verification.

Biometric verification and registration: The buyer and seller must be present for biometric verification, this is to ensure that both parties are aware and are in confidence of the transaction.

Issuance of registration certificate: After successful registration, the property ownership details are updated in government records and a registration certificate becomes available to the buyer.

Documents Required for Property Registration

Sale Deed
Title Deed
Identity Proof (Aadhaar, PAN, Passport, etc.)
Encumbrance Certificate
Property Tax Receipts
Property map and structure information
No Objection Certificate (if applicable)

Benefits of Timely Property Registration

Ensures legal ownership
Avoids property disputes
Enables property resale or transfer
Helps secure home loans
Secure from potential frauds

Conclusion

Understanding the property registration process and stamp duty in Gurgaon is essential for seamless property transactions. Registration is important not only for the buyers but also for rentals, knowing the property registration and the person to whom the property is registered is essential for rental property. Being aware of the legal requirements helps buyers and sellers make informed decisions and avoid potential legal complications. Find the best discount on any property by Agnayi infra resources.