Initially Government or some private builder/society allot the plot or flat and issue papers in favour of Allottee . Resale of property means resale of the property allotted to the original owner. Resale Property registration includes the registration of leasehold property, freehold property including flats, plots and commercial property. It also includes undervalue registration.
Circle rate is the minimum or basic price fixed by the state government for resale of any property. The areas are divided into categories and rates for each category were fixed by government. Circle rates are changed time to time by the state governments. Every person has to pay the minimum stamp duty on the basis of circle rate. The seller cannot sale any property below circle rates fixed by the government.
Stamp duty is a tax or duty paid by the purchaser of the property for registration of documents in his/her name. Stamp duty is generally paid and a STAMP PAPER is issued for the property in favour of purchaser. No sale is complete without paying proper STAMP DUTY and if stamp duty is not paid for sale of property, the sale is deemed as void.
If the actual sale price of the property is less than the circle rate than the property is said to be under valued. For registration of under value property, purchaser have to seek the permission of the concerned officer. Along with other documents, valuation report of the said property is also submitted.
In Delhi, 6% in total of sale consideration is the formula for calculating the Stamp Duty. 1% additional fees is charged as registration fees. If the property is registered in favour of Ladies then, 4% of total consideration amount is charges as stamp duty. If the property is registered in favour of joint gents and Ladies then, 5% of total consideration amount is charges as stamp duty. In case of under value registration, the stamp duty is calculated on the basis of circle rate.
Delhi is divided in many zones and circle rates of every zone is prescribed by the government. In case of commercial property, the circle rate is multiply by three and then stamp duty is calculated on the consideration amount.
1. Photograph of purchaser and seller
2. Copy of Property Papers
3. Aadhar Card of purchaser and seller
4. Stamp Papers
5. Appointment letter