Property Transfer
In India, a transfer of property is often a time consuming legal process. It requires proper documentation with verification checks that have to be submitted to the appropriate land revenue and registry departments.
Welcome to PropertyLawyerOnline.com, India’s first online platform for transferring properties!
We work in a completely transparent way and charge a fixed fee of Rs. 20,000/- for property transfer through Sale Deed or Gift Deed.
Property Transfer in 6 simple steps
Transfer through Sale Deed
According to Section 54 of the Transfer of Property Act, 1882, sale of transfer refers to the ownership in exchange for a price paid or promised or part-paid and part-promised.
- Buyer & seller must have agreed on the property price
- Buyer & seller must have agreed on the payment plan & only last installment of the payment is pending
- Buyer & Seller must be above 18 years of age
- Any two persons above 18 years of age must be ready to witness the execution
- Chain of Sale/Gift Deeds (photocopy as well as original)
- PAN & Adhaar of buyer and seller (photocopy as well as original)
- Adhaar card of two witnesses (photocopy as well as original)
Transfer through Gift Deed
Section 122 of the Transfer of Property Act, 1882 defines the word Gift as the transfer of certain existing movable or immovable property made voluntarily by one person, called the donor, to another called donee and therefore accepted by or on behalf of the donee. Such an acceptance must be made during a lifetime of the donor and while he is still capable of giving.
Pre-conditions for executing a Gift deed are:
- Donor & Donee must be above 18 years of age
- Any two persons above 18 years of age must be ready to witness the execution
Documents Required:
- Chain of Sale/Gift Deeds (photocopy as well as original)
- PAN & Adhaar of Donor and Donee (photocopy and original)
- Adhaar card of two witnesses (photocopy as well as original)
| Stamp Duty Rate | |
|
Male |
7% |
| Female |
5% |
|
Joint |
6% |
No stamp duty is to be paid for transfer of property within the family by an owner during his/her/their lifetime to any of the blood relations namely parents, children, grandchildren, brother (s), sister (s) and between spouse.
The registration should be duly complied within four months of the execution of the sale deed along with all the necessary documents.
Property Registration charges are charged as per below chart:
| Registration charges in Gurgaon | |
|
Transaction Value (in Rs) |
Registration fees (in Rs) |
|
Up to Rs 50,000 |
Rs 100 |
|
Rs 50,001 – Rs 1,00,000 |
Rs 1,000 |
|
Rs 5,00,001 – Rs 10,00,000 |
Rs 5,000 |
|
Rs 10,00,001 – Rs 20,00,000 |
Rs 10,000 |
|
Rs 20,00,001 – Rs 25,00,000 |
Rs 12,500 |
|
Above Rs 25 lakh |
Rs 15,000 |
Why should I file a case against the builder for delay in possession of flat?
You’re putting your investment at risk if you fail to take action against the builder for delayed possession delivery. If you do not file a case against the builder and the builder files for bankruptcy, you will not be named as one of the creditors to claim your amount. Without filing a case, you will not be eligible to get reimbursement when the court orders sale of builder’s assets.
Is interest paid on the amount in case of non-delivery of possession?
In case of delay in property possession, a 12% interest is paid to the buyer who files a case with NCDRC. If the flat is not delivered within 12 months of filing of case, an interest of 18% is to be paid by the builder.
The builder has promised to deliver the possession in a few months. Should I still file a case?
It is advised not to rely completely on builder’s promises, rather take every measure possible to protect your investment! If the delay in possession from the decided date is less than 12 months, you may choose to not file a case against the builder. But, if the delay is beyond 12 months and you have multiple units or large investment, you must file a case against the builder.
Can different homebuyers file the case as a group against builders delaying possession?
A group petition against builder delaying possession is filed as a class action. However, any delay by one person could affect the case for every homebuyer. It is recommended to file a case for delay in possession of flat individually as it is a much faster legal action against the builder.
Is it compulsory to appear in person on every hearing date?
No, it is not compulsory to appear in person on every court date. Your property lawyer can appear for you in the court unless you are asked by the court to appear in person. Your property lawyer will appear for you in court even if you are not in the city or even country.