One word you’re likely to hear in relation to Indian real estate deals is patta. The patta is a significant document that is essential to Indian real estate transactions. We will go through what patta is, why it matters in real estate deals, and how to get patta in this article.
What is Patta?
A patta is a legal document that proves who is the property’s owner. It is a document that the Indian government issues that is also referred to as a land revenue document. The entity or person in possession of the property and in charge of paying the property taxes receives a patta.
Important information found in Patta includes the owner’s name, the property’s location, its area, its nature, and the survey number. The Patta also includes data about the owner’s earnings and taxes.
Importance of Patta in Real Estate Transactions
Patta plays a crucial role in real estate transactions in India. Here are some reasons why Patta is important:
- Establishes ownership: Patta is the document that establishes ownership of a property. Without Patta, it is difficult to prove that you are the rightful owner of the property.
- Enables transfer of ownership: When you sell a property, you need to transfer the ownership to the buyer. Patta is one of the documents that is required to transfer ownership of the property.
- Obtaining loans: If you want to obtain a loan against your property, the bank or financial institution will ask for Patta as proof of ownership.
- Required for construction: If you want to construct a building on your property, you need to have a Patta. Without Patta, you will not be able to obtain the necessary permits and approvals from the local authorities.
How to Obtain Patta
Obtaining Patta is a relatively simple process. Here are the steps to obtain Patta:
- Visit the local revenue office: The first step in obtaining Patta is to visit the local revenue office. You will need to provide the necessary documents such as the sale deed, tax receipts, and identity proof.
- Apply: Once you have provided the necessary documents, you need to apply for Patta. The revenue department will verify the documents and issue Patta if everything is in order.
- Pay the fees: There are fees associated with obtaining Patta. The fees vary depending on the location and the size of the property.
- Wait for the Patta to be issued: Once you have submitted the application and paid the fees, you need to wait for the Patta to be issued. The time taken to issue Patta varies depending on the location and the workload of the revenue department.
In conclusion, the Patta is a significant legal document that is essential to Indian real estate transactions. It certifies who owns the property and is necessary for ownership transfers, financing approvals, and building projects. In order to obtain Patta, you must go to your local revenue office, provide the required paperwork, pay the required costs, and then wait for the Patta to be issued. Make sure you have a Patta if you intend to buy or sell property in India to prevent any future legal issues.
Ensure a smooth real estate transaction in India. Obtain your Patta today. Contact us now to know more.