Completion Time Frame: 5 days
Completion Costs: Rs. 10,000
Points to Note:
The purchaser should conduct a search of the property in the Registry and the Revenue Office, noting the location details of the property and the time period to be checked. While investigating the title it should be verified (1) that the legal ownership document is in the name of the owner, issued by the Revenue Record Department under the seal of the Tahsildar, (2) that on the date of purchase the title of the owner for the preceding 30 years (preferably) shows no mortgage or other encumbrance as still existing on the date of purchase, (3) the property is transferable and heritable, (4) the transferor is competent and/or authorized to transfer the property, (5) the transferee is qualified to be a transferee, (6) the object or consideration for the transfer is lawful, (7) the transfer has been made and completed in the manner prescribed by law, (8) the property being sold is free of restrictions for sale under the Urban Land (Ceiling & Regulation) Act, 1976 and a Clearance Certificate for the property has been issued by the U.L.C. (Urban Land Ceiling) Authorities. Also, all papers with regard to payment of taxes, the electricity bills and water bills need to be checked.
If the seller is a Company incorporated under the provisions of the Companies Act, 1956 then it is prudent to take search in the office of the Registrar of Companies to verify whether there is any charge on the property registered under the provisions of Section 125 of the Companies Act, 1956.

Step 2: Preparation of the final sale deed by the purchaser’s lawyer

Completion Time Frame: 7 days
Completion Costs: 1% of the Property Value
Points to Note:
The lawyer prepares the final sale deed and then engrosses the document on green paper leaving the date and place blank then this document is then submitted for stamping.

Step 3: Payment of Stamp Duty on the final Sale Deed through franking at the designated bank

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Completion Time Frame: 1 day
Completion Costs: 5% of property value
Points to Note:
Deposits the said fees in the designated bank. The designated bank issues a receipt and marks the first page of the printed sale deed with the stamp duty received. This printed sale deed with stamp duty details will then be executed.

Step 4: Execution of the final sale deed in the presence of two witnesses

Completion Time Frame: 1 day
Completion Costs: No cost
Points to Note:
The sale deed is signed by both parties in the presence of two witnesses, and after that the document is executed.

Step 5: Submit documents to the local office of the Sub Registrar of Assurances

Completion Time Frame: 1 day
Completion Costs: 1% of market value of the property (registration fee) up to Rs. 30,000 maximum
Points to Note:
Before submitting the Sale Deed with the Office of Sub Registrar for registration, the original Sale Deed which should be typed/printed on one side only along with two photocopies of the original have to be submitted to the Registering Officer. Once the document is registered, a distinct document number is assigned to that document. The record of registration of that document is kept in the office of sub registrar of assurance.
The required registration fee is 1% of the transaction value or Rs. 30,000/- whichever is less on the document itself. The due registration fee is to be deposited with the cashier against a receipt. After depositing the fees, the documents are presented before the Sub-Registrar in accordance with Section 32 of the Registration Act, 1908. Normally, the Seller hands over the peaceful vacant and physical possession of the property to the buyer simultaneous to the deed being presented for registration. Upon payment of the required registration fees and computer service charges in cash, as per the receipt, the document is returned within 30 minutes of getting the receipt.

The documentation shall include:

1. Document required to be registered (in duplicate)
2. Two passport-size photographs of the authorized signatories of both parties.
3. Photo identification of each party and witnesses i.e. voters’ identity card, passport, identity card issued by Govt. of India, Semi Govt. and Autonomous bodies or identification by a Gazette Officer.
4. Certified true copy of the resolution of the Board of Directors of both seller and purchaser.
5. Certified true copies of certificate of incorporation of both seller and purchaser.
6. Copy of the latest property register card (to be obtained from the City Survey Department) to indicate poroperty does not belong to the government
7. Copy of the Municipal Tax bill to indicate the year in which the building was constructed;.
8. No Objection Certificate from the Urban Land Ceiling Department (to be obtained from the Talati Office)

Step 6: Apply to Municipality for mutation of the title of the property

Completion Time Frame: 30 days
Completion Costs: INR 300
Points to Note:
After receipt of the registered title deed, the purchaser applies to the Municipal Authority seeking mutation of the title of the property in its favour. The authorised signatory has to submit the duly signed application along with the affidavit, indemnity bond, and a certified/notarised copy of the registered title deed.
After the assessment of the request for mutation, the Municipal Authority decides the value for levying tax on property and then issues a letter of mutation in favour of the purchaser.