What is Mutation of Property and Its Importance

Along with being a financially challenging venture, real estate investments frequently come with complicated but necessary documentation. After the concerned property has been registered, one crucial process that one should take care of is land mutation/property mutation.

What is the Mutation of Property?

Mutation is the process of modifying a property's "Title" to reflect the new owner’s name. Because of the change in property taxes, all upcoming property taxes will now be taken care of by the property's new owner. When the process of transferring or selling takes place, the act of transferring title ownership is known as "property mutation". This is commonly known as "Dakhil Kharij" in Hindi.

Mutation of Property: When should it be done?

After the property is acquired, the buyer is responsible for the application for mutation of land, which includes signing the selling documents. It is recommended that the property mutation certificate is obtained every six months. This is to ensure that there aren't any mortgages or shady deals related to the property.

All asset transfers, including sales and acquisitions of real estate, the passing of a property owner, inheritances, gifts, and purchases made with a Power of Attorney (PoA), need the completion of a property mutation. The asset is eventually registered in government records in the owner's name once the mutation procedure is finished. This enables the government to impose a property tax, which is set by each state.

What You Should Know about Mutation of Property?

Property can only be changed by those who purchase it, inherit it through a will or gift deed, or both. Several pertinent details about the subject include:

• Each state has a different charge for changing property.
• Property registration differs from property mutation. Additionally, it occurs after property registration has been completed.
• The release of a new mutation certificate takes approximately 30 days from the moment that all the required documents are submitted.

How to Apply for Mutation of Property?

The municipal organisations of the relevant district are in charge of the mutation of property. State governments have worked to make the mutation procedure online in many states. You must personally visit the relevant municipal office if there is no online land mutation process available.

Documents like Stamp Papers, duly filled application forms, and ration cards are required. 

Conclusion

The process of property mutation is simple but should be done with due diligence. The new owner will not be granted compensation if the land was recently sold and mutation made in his or her name.

Related FAQs

1. How much does a property mutation cost?

The fees for property mutation range from Rs 25 to Rs 200.

2. What are the types of property mutation?

Mutation of Agricultural lands and Mutation of Non-Agricultural Lands are the two types.