Whether you are planning to purchase or lease a warehouse in India, it is a long-term investment for logistics companies. Along with finding the right location, property registration in Bangalore is one more important step.
Without registration, your warehouse may not be recognized in the government records. This will make it very difficult to sell, lease, and defend ownership in case of disputes.
As the overall value of a warehouse is usually higher, registration of this commercial property may keep you in a safe place.
Does Warehouse Registration Prevent Fraudulent Claims?
Yes, getting the warehouse registration may prevent you from falling prey to unnecessary disputes, fake claims, and encroachments. As it establishes legal ownership, you can easily lease and mortgage the property smoothly.
Registration of commercial property permits easy mutation of property in revenue and municipal records. Therefore, it will also help with smooth approval of bank loans. Are you aware of income tax benefits and deduction rules in India?
Getting your property registered at the right time can fetch you benefits that fall under the Income Tax Act. Otherwise, your warehouse will not have any legal validity in government records.
In such a situation, you will neither be able to claim compensation nor enjoy the benefits of legal protection.
What are Some Important Points to Check Before Registration?
Registration of commercial properties, including warehouses, is not as difficult as it seems. To make the entire procedure smooth, it will be good to ensure some essential details.
To start with, the property must have clear ownership. It is all about verifying the complete chain of property transfer. Such a step may prevent unwanted property-related disputes in the future. Obtaining an encumbrance certificate will confirm that the warehouse is not under legal conflict.
Why Refrain from Drafting the Deed?
Preparation of a sale deed or a lease deed may help in the smooth carrying out of the procedure. Including accurate details of the buyer and seller may prevent property-related confusion in the long run.
Some people commit the blunder of not ensuring clearance of taxes and utilities. Before applying for property registration, it will be good to ensure that all taxes, including electricity bills and water bills, are paid.
Lastly, it is essential to confirm that the land on which the warehouse stands is legally approved for industrial use. These checks may help in reducing the risk of fraud, thus helping your warehouse get recognized smoothly.
What are the Factors that Influence Registration Fees?
There are some vital factors that influence the overall registration fees associated with properties. Though the list is endless, some of the most important ones are:
- Property type – Commercial properties like warehouses generally attract higher charges.
- Location of property – Metropolitan cities have higher charges than towns.
- Transaction type – Charges for registration for sale, lease, and transfer vary.
- Gender – There are some states that provide some discount for women.
- Amenities – Additional amenities like loading docks may increase the overall charge for registration.
These are some important factors that influence the overall registration charge of a warehouse. For a detailed description and to carry out the process smoothly, it is better to make your way to SriMas Associates.
The team of highly experienced lawyers is there to assist you in almost every step, thus making the registration process even smoother.
