E-stamping: Registering large volumes of property in Gurgaon
Gurgaon introduces registering property with e-stamping facility. E-stamping and on-line registering is already practised in Delhi. Land registration is described as matters concerning ownership, possession or other rights of land and kept as records.
The state Government of Haryana has requested to make provision for regular issuance of stamp papers from treasury and bank. It is also noted that the stamp duty collection in Gurgaon has increased in last few years.
The land registration law is required for following reasons:
The local administrative authority recognizes owner of the property by registration and also keeps an official record for each property.
The property has to be registered in your name then only you become its legal owner.
Registrar’s office keeps these records updated through registration of any change of ownership titles and property transactions that have taken place.
A fee is charged by the authority, charges other matters associated in the process. –Although there is only marginal difference in the rules and fee charged by different states.
There are few steps through which you can apply through e stamp registration:
Get an e-stamp paper of correct value prepared by visiting the nearest Stock Holding Corporation of India Ltd.(SHCIL) centre or their Authorised Collection Centre(ACC).
Visit Sub-Registrar office or website of the Revenue Department and present your documents to Facilitator. If there are any changes the facilitator will let you know.
According to the acceptance by Sub-Registrar please proceed to the Bio-metric Division for finger printing & photographs and collect Receipt on completion of registration process.
Looking at the statistics of 2012-2013, total collection of stamp duty was more than Rs.1,250 crore in Gurgaon. Around 40 percent was collected in cash and rest was paid either by way of cheques or through RTGS.
According to the practice those who are paying through cheque gets the stamp papers on third day, that too subject to clearance of cheque and if one makes payment through RTGS (electronic transfer through bank) or cash, he/she is able to get the stamp papers on second day, subject to confirmation of money transfer.
A person has to wait for two to three days in order to pay the stamp duty to the government and to get the stamp papers ready. E stamping will reduce maximum illegal land registration cases. The whole process will curb circulation of fake stamp papers. This has already been introduced in many states
It is observed that there is a tremendous development in the past two decades in real estate sector of Gurgaon, due to upcoming MNCs and business establishment setting up their base. Hence e-stamping system by which the stamp papers can be obtained through Internet by paying the stamp duty electronically, will help the sector to score up with proper legal parameters.
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