What is the process to sell property in India?

A contract of sale must be based on a mutual agreement between the seller and the buyer. The transferor or the seller must be a person who is competent to enter into a contract i.e., he must be a major and of sound mind and should not be legally disqualified to transfer the property.

What documents are required to sell property in India?

If you are planning to sell a property , the documents are very important . A property with clear documentation and title commands a higher price in the market.

  • These are the documents you need to have in order:
  • Letter of allotment. …
  • Sale deed. …
  • Sanctioned plan. …
  • Society documents. …
  • Encumbrance certificate. …
  • Sale agreement.

What are the rules to sell a property?

If you hold the house for less than three years before selling, then you have to pay short-term capital gain tax as per your income tax slab. If you sell the house after three years or 36 months, then it is considered long-term capital gain (LTCG) and you have to pay 20 percent of the profit as tax, with indexation.

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How long does it take to sell a property in India?

However, selling a property is a long-drawn process—even in a healthy market, it usually takes 4-6 months. But in the present scenario, which is said to be a buyer’s market, it may take even more time to sell at a reasonable price as the number of sellers outnumber that of buyers.

What are the procedures to sell a land?

Sale Agreement

Once the documentation is cleared, both parties can then enter into an agreement to sell and confirm the terms and conditions. Subsequently, they can execute the sale deed based on the agreement to sell. The sale agreement is signed and executed by the seller and buyer on a non-judicial stamp paper.

Can we sell property online in India?

You can sell your property either through a property agent or list it online on a property portal like Magicbricks.com, where you can connect with buyers. You can also put your property on sale through advertisements. You can also make some improvements in your house before selling.

How NRI sell property in India?

If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.

How can I sell my house quickly?

Quick tips to sell your home faster

  1. Choose the Right Broker. …
  2. Check Your Curb Appeal. …
  3. Ensure That Your House is Sparkling Clean. …
  4. Register Your Property Online. …
  5. Make Minor Repairs. …
  6. De-personalise, De-Clutter and Tidy Up. …
  7. Highlight the USP of the House. …
  8. Ensure that You are Flexible.
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Is Aadhaar card required for selling property in India?

Address Proof- Documents in support of address in India and abroad have to be provided. This includes ration card, telephone bills, electricity bills, life insurance policy statements, aadhar card etc.

Is Aadhaar mandatory for selling property?

Aadhaar is accepted as a identity proof for property registration and land mutation. … “Aadhaar is one of the documents, which executants of conveyance deeds are required to submit as proof of identity for registration of properties. However, the same, as on date is only an optional requirement,” it said.

Can NRI sell property in India without PAN card?

Property is an important resource, and for ages, it has been an exceptionally time-consuming and taxing process to sell property in India from overseas. … In order to enter into a property transaction, it is not necessary for an NRI or a PIO (origin being dated up to the fourth generation of ancestry) to have a PAN card.

How long does it take to sell a land in India?

In most of the regions, the average time to sell a land is 2-4 months.

What are the property documents?

Checklist of Property Documents

  • Sale Deed/Title deed /Mother deed/Conveyance Deed. …
  • RTC Extracts. …
  • Katha Certificate and Extracts. …
  • Mutation Register Extracts. …
  • Joint Development Agreement. …
  • General Power of Attorney. …
  • Building plan sanctioned by the Statutory Authority.