Registration of Agreement To Sell in Delhi
Update : Leasehold properties in Delhi can now be sold through registration of Sale Agreement & Power of Attorney (GPA).
Registration of Sale Agreement
Once a buyer has found the property that he wants to buy, it must be ensured that the vendor cannot sell the property to another purchaser. For this purpose, the buyer and the vendor must sign a contract that binds both the parties. This document is called a Sale Agreement or an Agreement to Sell.
An Agreement to Sell is a compulsorily registerable document and an unregistered Sale Agreement has no value in the eyes of law. The Agreement must be registered in the office of the Concerned Sub Registrar within whose jurisdiction the property is situated after payment of applicable Stamp Duty.
While a Sale Deed is used for the transfer of ownership of freehold properties, a Sale agreement is generally used for the transfer of leasehold properties such as Flats, Plots, Shops etc. allotted by the DDA, L&DO, MCD etc.
After the judgement of the Hon'ble Supreme Court in the Suraj Lamp Case, the registration of Sale Agreement had been stopped by Delhi Government, but recently in November, 2014, it has been decided to once again allow its registration along with GPA in the Sub Registrar Offices for the transfer of leasehold properties in Delhi.
Till now, the owners of apartments and offices in multi-storied buildings in areas such as those in Connaught Place, Barakhamba Road, Nehru Place, Netaji Subhash Place, Bhikaji Cama Place, Saket, Janak Puri, Rajendra Place, Pusa Road, Rohini, Dwarka etc were not able to get their lease deeds registered and obtain loans against such property due to the absence of registered builder buyer agreement. But now, the owners of such property can get the Builder Buyer agreement registered in the Sub Registrar office after paying the applicable Stamp Duty..
Registration of Agreement for Sale in Delhi
Following are some of the Important Points to note in relation to Registration of Agreement to Sell :
1. Stamp Duty equivalent to that payable on the registration of a Sale deed i.e. 6% in case of men and 4% in case of women needs to be paid for the registration.
2. Registration fee shall be payable @ 1% of the value of the Property as per the Circle Rate.
3. Both the parties, and two witnesses alongwith their identification documents need to be present during the presentation of the document before the Sub - Registrar.
We provide services for the the Drafting and Registration of Sale Agreement in Delhi.
To avail our services, you may contact us at +91-8800418408.
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