Q:I have purchased a flat in an under construction apartment located at Gattigere RR Nagar. The builder says it will be ready by July 2016.. However I think it will go upto year end. Earlier I was told that I need to register the flat upon the completion and at the time when builder gives the keys. But now the builder is asking to register the flat so that I can be protected from the rise in Guidance Value. Could someone please clarify what is the best way forward?
Latest Answer: Registration of the property is a full and final agreement signed between two parties. Once a property is registered, it means that the property buyer in whose favor the property is registered is the lawful owner of the premises and is fully responsible for it in all respects. The law does not recognize unregistered owners and does not give them any rights over the property. Therefore, Registration of Property is Compulsory to prevent fraud or future litigation. I think it will be good for you if you register the property now itself.
