Registration (Maharashtra Amendment) Act, 2010 has come into force from 1st April 2013
By Integrafinserve.in | Updated on 13 November, 2013 at 20:58:22 |
The Government of Maharashtra has amended the Registration Act 1908 in its application to the State of Maharashtra by Registration (Maharashtra Amendment) Act, 2010. The said Registration (Maharashtra Amendment) Act, 2010 has come into force from 1st April 2013 as per notification dated 7th March 2013, published by the Govt. of Maharashtra, Revenue and Forest Department in Official Gazette.
In all cases of Mortgage by way of Deposit of title deed (Equitable Mortgage) created on or after 1st April 2013:
a) If an agreement is executed between the Mortgagor and the Mortgagee (Bank), it has to be compulsorily registered. The permissible time limit for registration is four months from the date of execution.
b) If such agreement is not executed, then the Mortgagor (Borrower/Guarantor as the case may be) has to file on online “Notice of Intimation” of such mortgage within 30 days from the date of mortgage, with the Registering Officer/Officers concerned, within the local limits of whose jurisdiction the whole or any part of the property is situated, giving the details of his name and address, name and address of mortgagee, date of mortgage, amount received under the mortgage, rate of interest payable, list of documents deposited and the description of the immovable property.
c) Where an agreement relating to deposit of title deed is executed and registered as per clause (a), then there is no need of filing of notice of intimation.
d) The non registration or agreement/ non filing of notice of intimation may affect the enforce-ability of the Equitable Mortgage created on or after 1st April 2013. Hence adversely affecting the Mortgagee/Bank’s interest.
e) Any Mortgagor who fails to file such notice of intimation within the prescribed time shall be liable for punishment under Section 89C of the Act.
The Govt. of Maharashtra has issued a Circular dated 25th April 2013 stating that since the infrastructure for e-file is not in place, the notice of intimation has to be filed manually in the enclosed format. The Memorandum/ Recital for recording the equitable mortgage (document on which the stamp duty is affixed) needs to be annexed with the Notice of Intimation and stamp duty of Rs.100/- only needs to be annexed with the Notice of Intimation as per Section 4 of the Bombay Stamp Act. The filing charges and the document handling charges as mentioned in the above Circular of Govt. of Maharashtra, at the rate of Rs.1000/- and Rs.300/- respectively will also be required to be paid by the mortgagor. Where the Memorandum/Recital is not duly stamped, the notice of intimation will be required to be properly stamped as per the Bombay Stamp Act.
Process of filing intimation is as follows which needs to be done before disbursement (LAP/Fresh Home Loans) or after disbursement (Balance Transfers) FAQ:
1) The notice of intimation form franked for Rs.100 needs to be submitted along with all details filled in with photos affixed of mortgagor.
2) First make online payment of Rs.1000 towards filing fees, undertake online e-filing as explained below, generate the form at the end of the process, affix photograph(s) and get it attested by your lender. The said notice to be submitted along with Rs.300 in cash for handling charges for which Sub registrar will give receipt at the counter.
3) The said Notice of Intimation to be enclosed duly executed (franked), Receipt of Stamp Duty/Franking done, Loan Agreement/Memorandum of Deposit bank attested copy, accepted Sanction Letter bank attested, Index-II bank attested copy & Bank official’s ID Card copy bank attested.
4) Any one property owner to be present in person in sub registrar office with original ID proofs and above documents.
5) All property owners KYC to be attached with the same along with the KYC of bank official signing the loan agreement.
6) Date on the Memorandum of Deposit/Loan Agreement should be within ONE month of date of submission.
7) Note if the date is beyond ONE month, the Mortgage has to be registered by paying 1% of Loan Amount (max Rs.30000/-) within 4 months.
8) There have been cases of notice of intimation being accepted in SRO other than in which the property was originally registered. (for e.g. notice of intimation being accepted at Borivali I, IV or VI while property originally registered at SRO Borivali III)
Sub-Registrar Office Addresses:
Note: The above addresses & telephone nos are updated on a best effort basis without any guarantee of accuracy, kindly make necessary inquiries before visiting.
Challan Number has to be generated first and then Notice of Intimation as explained below:
- For Filing charges of Rs.1000/- website is http://www.gras.mahakosh.gov.in by Debit or Credit Card and select option “Registration Fee”, Drop-down MTR-6 and then Take Print-out
- For Payment of Filing charges & Stamp Duty website is http://www.gras.mahakosh.gov.in, Select Bank, Make Payment, Select option “Non-Judicial Stamp”, Generate MTR-6, Take Print-out and submit to selected bank, Obtain Stamp of Bank.
eFiling of Notice of Intimation:
- First you need to change your browser settings as per eFilingIESettings on the Login Page of Dept. Of Registration & Stamps, Govt of Mah, Pune website.
- Go to http://igrmaharashtra.gov.in/default.aspx –> Public Data Entry For Filing —> Create your password and start filling.
1. Enter user number and password of your choice. Enter the required information.
2. Thirteen digit Data Entry Number is generated. Please note down this number
3. Once entry is complete you take a printout of data entered. Please read the printout carefully.
4. For any modification use thirteen digit Data Entry Number and password you have created for that entry
5. Mortgagee has to take printout, affix his photo, sign it and after attesting by the concern bank officer with his seal and signature, the mortgagee has to physically submit it in the office of concern sub Registrar. No Need of Bank officers photo and physical presence
6. For offices in concurrent jurisdiction, you can go to any SR office with Data Entry Number
7. With the use of 13 digit number, the entered information will be available at SR Office.
- For offices in concurrent jurisdiction, you can go to any SR office with Data Entry Number, irrespective of the office chosen at the time of data entry.
- You may have to write to IGRO: [email protected] or call DIG IT 020-26128417, 020-26138432, DIG IGR 020-26124012 for queries.
- Please find the FAQ regarding filing of notices here. Note the same is an extract from IGR website.
For online payment of Notice of Intimation fee & Online eFiling call +919322286765 (Service Fees – 1000/-) at sole discretion of Integra FinServe and responsibility of the Customer.
Registration fee and Applicable Penalty :
The registration fee is a fee for the service provided by the sub-registrar’s office, of recording and storing the document for years together and in the proper condition. If one does not pay registration fees, he will not be able to register the document and will be deprived of these services but there is as such no penalty for non-payment as is the case of stamp duty. So whenever a person goes for registration he is charged the same registration fees as is chargeable on his document on the date of registration and no interest etc. is charged. However one must keep in mind that when one goes for registration after four months and before eight months of execution of document he is charged a penalty which could be up to 10 times of registration fees. This is the penalty for delay in presenting the document before the registrar and is not a penalty for non-payment. Normally this penalty is charged at the rate of 2.5 times of the registration fees per month for delay beyond the permissible 4 months.
The Registration fees is one per cent of the market value or Rs.30,000, whichever is less in case of documents pertaining to sale or conveyance. This is applicable from 01-04-2003 to date.
Please call +919322286765 for further queries.