Property Registry New Supreme Court RULING: Now the registry will not only be sufficient for the ownership of land in India, but many other documents will also be necessary. The Supreme Court has given a big verdict regarding this. The Supreme Court said that only a person does not get a property or land ownership or property ownership, for this, many other documents will also be required. The Supreme Court said that registration of land can support a person’s claim, but it is not equal to legal possession or control of property. This decision has created awareness across the country, although it is going to have a great impact on property holders, real estate developers.
Let us know that earlier everyone knew that if they have registration of property, then they own it. But according to the court’s decision, only registration will not be sufficient for the entire legal ownership of the property. For this you should have legally ownership. The court believes that this will reduce property disputes and fraud cases. The court made it clear that the property cannot be transacted only on the basis of registry.
What does the Supreme Court’s decision mean?
Many people are surprised by this decision of the Supreme Court. This decision will have a far -reaching impact. This new decision of the Supreme Court means that now we will have to prepare other legal documents along with the registry of the property on time. Only then will we be able to get the entire legal ownership of that property. Only after this ownership, you will have the legal right to use, management and transfer along with the ownership of your property.
This decision is particularly relevant to those who have acquired property through purchase, heritage or other means. Property owners are now being advised to consult legal professionals to gain legal recognition of all the documents related to property and understand the issues of ownership and registration. Property owners should also keep information about changes in property laws and how to interpret them by the court.
So the ownership can be given a challenge
The court also emphasized that if someone has only registry of the property, and it is occupied by someone else or there is any dispute on that property, then the ownership can be challenged. It is clear from this decision that if you buy a property now, you will have to be more cautious and closely examine all other documents of the property and transfer them to your favor.
Who will be more affected?
This decision of the Supreme Court may change the real estate sector and the legal practices being adopted so far. Developers, buyers and lawyers will need to work within the more clearly determined legal framework. This clarity will make the transaction of property more reliable. This can also affect property prices, as the legal ownership will now become more important than registration.
Which document is necessary for ownership?
1- Sales Article (The Cell Deed): This is a document that serves as the ownership of a property from one person to another. For the first time, sales deeds to purchase any property are an important document to ensure appropriate legal ownership.
2- The Mother Deed: ‘The Mother Did’ is a very important legal document in the transaction of any property. This reflects the history of the entire ownership of the property. It has a record of all the transactions of the property. Especially this document is necessary when you want to take a loan from the bank instead of it.
3- Sales and Purchase Agreement (Spa): Sales and Purchase Agreement for the purchase of any property is among the most important documents. It contains details of the terms of the transaction between the buyer and sellers. This includes the price of selling the property, the conditions of payment.
4- Building Approval Scheme: To build a house on any property, approval has to be obtained from the local municipal corporation or authority. For this, this document is also very important.
5- Possession Letter: This is a legal document, which provides that the property ownership has been transferred from one side to the other. This letter is issued by the builder, stating that the buyer can occupy the property from a date.
6- Completion Certificate: This is a document that provides that the building has been constructed according to local rules and also passed inspection by the municipal or development authority. Explain that this certificate is required to avail the necessary facilities like water, electricity and drainage in any area.
7- Account Certificate: This is a revenue certificate, which contains property details. It consists of the property size, place and the area where it is constructed. Explain that this document is necessary to pay property tax. Apart from this, it is also needed to take a property loan.
8- Allotment letter: This is a legal document, which is issued to the buyer by the property developer or a seller after booking the property. Especially it is more important when you are buying a property that is still going on.
9- Encumbrance Certificate: This certificate provides that there is no liability of any kind on the property and is free from legal disputes.
10- No Objection Certificate (NOC): This is a legal document that proves that after repaying the loan on the property, the loan bank now has no claim or right on that property.
11- Evidence of identity and address: If you buy a property, then you should make sure that it has a valid ID such as Aadhaar card, PAN card or passport. Apart from this, documents are given for the certificate of address.
12- Compliance under the RERA (Regulation and Development) Act, 2016: Real Estate Developers should register their projects with RERA Authority. If you buy a property, make sure whether the property is registered in the RERA Authority or not. Explain that the RERA project for every state gives information about any complaint filed against the project.