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Joy Banerjee (Photographer)     23 August 2015

Property registration process in India

Could anyone please elaborate the entire process of registering a flat in India? How the market value is determined and who determines it? My lawyer has said that I need to pay 8% of the market value. I'm okay with that but the estimate he is giving is absurd. The flat is already 14 years old and I'm buying for 10.5 lacs (2100/sq ft). But my lawyer is saying that the market value would be around 18 lacs (3500/ sq ft) just because of the 25 feet wide road in front of it. The flat even has no lift. How I'd make the payment to the sub register? My lawyer asks me to pay the entire amount to him in cash. I'm a bit confused and apprehensive. Please help me.


 1 Replies

Subash M R (Advocate)     23 August 2015

From the facts narrated by you,it is presumed that Rs.2,100/- per sq.ft is the guidelines value,i.e.government rate for getting it registered,and Rs.3,500/- is open market rate, that rate you are getting the flat.Here,eventhough,market rate is higher than the guidelines rate,you have option to get the flat registered according to the guidelines rate,that means you need not register according to the market rate but guidelines value and at the same time you will be saved certain amount in terms of stamp duty if you are registering according to the guidelines value.And determination of market value is depended upon demand and supply priciple.

Thanking you,


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