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The developer prepares the sale agreement draft for the property using standardized templates. Ensure that the agreement adheres to the Real Estate (Regulation and Development) Act (RERA) guidelines, with details like property description, payment terms, etc.
IThe developer must initiate the e-registration process using the Maharashtra Department of Registration and Stamps online portal. Developer credentials are used to access the system (if the developer is registered with the state's e-registration portal).
The buyer's Know Your Customer (KYC) documents, such as PAN card, Aadhaar, and address proof, are submitted. Both the buyer and the developer must have Aadhaar cards linked with their mobile numbers to authenticate via Biometric.
After KYC, the online portal auto-generates the draft agreement based on the developer's inputs. The buyer and developer can review the draft to ensure all details are correct.
The system calculates the applicable stamp duty and registration fees for the property transaction. Stamp duty rates vary based on the area (urban/rural), property value, and gender of the buyer (women get discounts). Payment is made online through the e-registration portal.
The agreement is digitally signed by both parties (buyer and developer) after biometric verification is completed. In some cases, witnesses may also need to digitally sign.
After the digital signatures, the e-registration portal generates the final property agreement in PDF format. The document is then registered with the Maharashtra Department of Registration and Stamps.
After registration, the developer needs to inform the municipal or local authorities for the mutation of property ownership in the buyer's name (if applicable).