Homebuying in India involves a series of decisions that you will be required to make. Which is the locality or neighbourhood that I want to live in? What are the facilities and amenities that my family needs? Which builder or developer is trustworthy and likely to deliver the apartment as promised? What is the best price to buy this property at? Are all the documents and permits verified? Once you get answers to all these questions and secure the funds, it is time to make your dreams come true and buy the property. Now the final but most important thing to do at this time is to register the property and pay the stamp duty. This secures your ownership and complies with real estate laws. Let us find out some more about the government department that will help us in the registration process.
Inspector General of Registration and Stamps (IGRS)
The full form of IGRS is Inspector General of Registration and Stamps. This office or department is responsible for the registration of real estate and immovable properties. There are two different laws that govern this process:
- The Registration Act of 1908 - Section 17 of the Registration Act 1908 mandates that all immovable property valued at INR 100 must be registered on sale
- The Indian Stamp Act of 1889 - When the sale of immovable property is registered, it is mandatory to pay stamp duty
Property Registration and Stamp Duty Process
Things to remember during the registration process:
- The registration of a property is usually done at the local IGRS office. You will need to fill in a form and make an appointment to complete the registration process. In Maharashtra, this appointment can be made through the department's website. Check the office timings and reach the office before your allotted time.
- Collect all relevant documents, including the sale deed and your KYC information, such as your PAN and Aadhar card. Remember to pay the stamp duty and registration charges beforehand and carry the receipt. Most cities, such as Mumbai, allow for digital payment these days.
- The seller and the buyer will need to be present during the registration. They will also need additional witnesses. If the property value is over INR 50 lakh, the buyer will need to deduct 1% TDS from the property value and will need to submit proof of TDS during registration.
- Following the registration process, a receipt will be issued. The registration of documents takes about a fortnight and can be collected after this period on the production of the receipt.
Maharashtra IGRS website
In Mumbai, the IGRS office works very efficiently, despite the high volume of registrations. In addition, the Government of Maharashtra's Department of Registration and Stamps website is very well designed to provide you with all necessary assistance and information. The site also has a grievance redressal system in place.
Get Expert Guidance
Our end-to-end digital platform is designed to bring home buyers and real estate investors closer to finding the right investment opportunity and property through the use of high-tech tools. Blox’s mission is to offer you a seamless homebuying experience without the stress and mess that usually go with traditional home searches. This includes offering you the expert guidance of our relationship managers, who will help you find all the registration and stamp duty related information you need and help you get the paperwork done. Our relationship managers are experts in different Mumbai neighbourhoods and suburbs and will also help you locate the IGRS office and access the department's website.
