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Real Estate

The Transfer of Property Act governs the transfer of property by various means. Sales, mortgages (other than by way of deposit of title deeds) and exchanges of immovable property are required to be registered by virtue of the Transfer of Property Act. Therefore, all the above documents must be in writing and registered. The Act provides for appropriate documents to show that the provisions of this Act are not attracted or should be produced to the Registering officer before registering instruments compulsorily registrable under the Registration Act.

This legislation was repealed in 1999. The Repeal Act, however, shall not affect the vesting of the vacant land, which has already been taken possession by the State Government or any person duly authorized by the State Government in this regard under the provisions of Urban Land Act. The repeal of the Act, it is believed, has eliminated the large amount of litigation and released huge chunks of land into the market.

Different types of transfers have different stamp duty payable on it such as stamp duty payable on Sale deed will be different then stamp duty payable on Gift deed and Release deed. Hence stamp duty is calculated according to the type of transfer and it varies from place to place and same can be also ascertained by referring The Bombay Stamp Act, 1958. A stamp duty paid agreement is considered a proper and legal document and such gets evidentiary value and is admitted as evidence in courts.

The State Government at the beginning of each calendar year fixes market value of all properties in an area and the market value so fixed is to be accepted as the basis of calculating stamp duty in respect of an instrument by virtue of which the property is dealt with.

As soon as the property is purchased one should apply for change in various government documents such as 7/12 & 6/12 extracts, electricity department and before all other government authorities for update in their records after paying necessary fees for the same.

 

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