What is Index 2 in property agreement?Facts you should know

In the complex world of property transactions, paperwork plays a crucial role in safeguarding the interests of all parties involved. One such document is the Index 2 document. You might question its importance; after all, what is Index 2 in agreement for property? The Index 2, also known as the Index II document, is a concise record of all property-related documents at the Sub-Registrar’s Office (SRO), per the Registration Act, 1908.

It is a significant document; Section 55 of the Registration Act 1908 mandates that the registration of certain property documents should be legally recognised. It protects the interests of all involved parties, prevents fraudulent transfers, and enables smooth future transactions. 

The Index 2 document serves as a public record; potential buyers, investors and legal authorities can access essential details about the property and its ownership history. It also serves as a requisite document for further procedures related to property transactions, such as obtaining loans or filing for property disputes. It is also the official record of the property registration with the SRO, providing easy access to the transaction’s key data points.

What is Index 2?

Index 2 is essentially the snapshot of a property transaction; it summarises the important details of registered property documents. It is generated after all propertydocuments, such as sale deeds, gift deeds, or lease agreements are successfully registered at the Sub-Registrar Office (SRO).

The SRO creates the Index 2 document to help streamline property records, allowing easy verification of the registration, and access to key property data by interested parties, including government agencies, legal entities and financial institutions. 

Additionally, it also serves as evidence in legal disputes or verification processes, proving that a specific property document has been legally registered. It is widely accepted as evidence of the transaction’s legitimacy and the property’s ownership status.

Contents of Index 2 Document

The Index 2 document offers the following essential information about registered property transactions: 

1. Transaction Amount: Financial value exchanged during the transaction, such as sale deed/amount of rent in a lease agreement. It records the amount agreed upon by the parties involved in the transaction

2. Property Market Value: This is the officially recorded market value of the property, often assessed by the local revenue office or as per government records. This value can differ from the transaction amount and is significant for taxation purposes, stamp duty and registration fees. 

3. Property Description: This is a comprehensive description of the property, including type, size and specific attributes like the number of floors, built-up area and property usage. This ensures clarity about the exact property involved in the transaction. 

4. Area of property: Geographical location of the property, including details like survey numbers, plot or flat numbers, locality and municipal or revenue boundaries. This helps identify the exact position of the property. 

5. Parties involved: Includes the names and addresses of the parties participating in the transaction. This typically involves the sellers, lessors, donors, lessees and donees. The section also affirms who owns or has rights over the property as per the registered document. 

6. Registration Details: This part of the Index 2 document consists of the unique registration number and date of registration assigned by the Sub Registrar Office (SRO). This number is critical for future references or legal verification and also indicates the chronological sequence of the document’s registration. 

7. Registration Office name: This is the name of the specific SRO where the property transaction was registered. It is important as each SRO has jurisdiction over specific areas and the registration process ensures that the property documents are registered in the correct location. 

Purpose and Importance of the Index 2 document

The Index 2 serves as a vital tool to verify property transactions, ensuring that they are legally compliant and transparent. This document is created when property documents such as sale deeds, rental contracts, or gift deeds are registered at the SRO. It records the essential details of the transaction. It also helps verify that the property has been registered correctly and all parties have followed the legal processes. 

This document also: 

• Ensures Transparency: It makes key details of the transaction available to all stakeholders, including buyers, sellers, financial institutions and government authorities. 
• Provide legal records: Acts as a legal document that can be referenced in case of disputes, title verification or property litigation. However, it is not proof of ownership. 
• Support Compliance: It helps confirm that the transaction has complied with the relevant laws under the Registration Act, of 1908. It also ensures that the property transaction is on record with the government, safeguarding the rights of all involved parties. 

How to Obtain Index 2?

If you are wondering how you can obtain the Index 2 document for your new property, Invictus by GS, Thane, there are two ways. Let us explore both the methods:

Offline method:

Step 1: Visit the SRO office where your area’s property transactions are registered. 

Step 2: Submit the application along with essential details about your property and its transaction. 

Step 3: Provide proof such as identity proof (your Aadhar Card) and related documents such as the sale deed or transaction reference number. 

Step 4: Pay the nominal fee required to get the Index 2 document. This amount is usually dependent on the state. 

Step 5: The Index 2 is issued soon after you follow these steps; Either on the same day or within a few days. 

Online method: 

If you want to access this important document from the comfort of your Raymond Realty home, then follow these steps. 

Step 1: Visit the official Sub Registrar’s website. Since you are in Maharashtra, this will be IGR Maharashtra. (https://igrmaharashtra.gov.in/) 

Step 2: Create an account or log in using your credentials.

Step 3: Select the service you need: accessing the Index 2 document. 

Step 4: Enter the property details, such as registration number, date of transaction and property’s location. 

Step 5: Pay the online fees, through online payment methods such as UPI. 

Step 6: Once the payment is successful, you will be able to download a PDF of the document for your records.

The Inspector General of Registration and Stamps (IGRS) plays a significant role in the Index 2 document’s generation and the following processes. Here is how: 

1. Oversight and regulation: 
   The IGRS is responsible for overseeing and regulating the registration of property documents across various states in India. They ensure that the Sub-Registrar Offices (SRO) adhere to the laws laid down under the Registration Act of 1908, including the registration of sale deeds, lease agreements and other related documents. The IGRS also ensures that the Index 2 document is generated once these documents are registered. 

2. Digitisation of records: 
   Many states have implemented digitization of land and property records under the guidance of the IGRS, thus making the process of obtaining an Index 2 document more accessible. Through state-level IGRS websites, property owners and other stakeholders can easily find the Index 2 document online after providing essential details like the registration number and property information. 

3. Authentication and Legal Validation:
   The IGRS ensures that the registration process is legally sound and that Index 2 is authenticated. The department’s systems help verify that property transactions are registered properly, giving legal standing to the transaction and making the Index 2 document a credible summary for future reference. 

4. Public Access to Information: 
   The IGRS also facilitates public access to registered property records, including Index 2 documents. It ensures transparency by allowing the general public, real estate buyers, banks and other institutions to verify registered property transactions through online portals or by visiting the SRO. It helps reduce fraudulent activities in property transactions and increases trust in the system. 

5. Support for grievance redressal:  
   In case of errors or discrepancies in property registration or the Index 2 document, the IGRS provides a structured framework for correction. It oversees the process of rectifying these errors by coordinating with the SROs and ensuring compliance with legal protocols. 

FAQs

1. What exactly is an Index 2 document?
   The Index 2 document is a legal summary of property-related transactions registered at the Sub-Registrar Office. It includes vital details such as transaction amount, market value, property description and details of the involved parties. It is generated after a document is registered, as per the Registration Act, of 1908, to serve as a simplified record of the transaction. 

2.  Is Index 2 a public document?
   Yes, Index 2 is a public document. This means that it can be accessed by anyone who is looking to verify a property transaction, especially for legal or financial purposes. Its public availability ensures transparency in property dealings and is often referenced during legal disputes, due to diligence process and property title searches. 

3.  How can I obtain Index 2 online?
   Accessing this document online is relatively straightforward, especially in states with digitised land records.
   Here is a simple guide to the process: 
   – Visit the official state website.
   – Register or log in with your credentials. 
   – Search for the Index 2 option and input the required transaction details. 
   – Make the necessary payment
   – Download the document for your records. 

4. What information does Index 2 contain?
   – Transaction value: The amount involved in the sale, lease or gift. 
   – Property Market Value: The Government-assessed value of the property. 
   – Property description: Type, size, location and unique identifying features of the property. 
   – Parties involved: Names and details of the buyers and sellers, as well as lessor and donors. 
   – Registration Details: Registration number and date, plus the SRO details. 
   – Area and Location of the property: Survey numbers, localities and land measurements. 

5. Why is Index 2 important?
   The Index 2 document is crucial because it is a reliable and legal document summarising the property transaction. It is widely used for property verification by banks, legal authorities and potential buyers. It also ensures compliance with registration laws, providing evidence that the transaction has been properly recorded with the government. 

6. Can Index 2 be used as proof of property ownership?
   While this document is not direct proof of ownership, it is a significant supporting document. It records the transaction and registration details, which can be used to substantiate ownership claims. For a full proof of ownership, a registered sale deed or similar property document is required, with the Index 2 document as crucial transaction data to support it. 

7. What are the steps to rectify errors in Index 2?
   In case you find an error in the Index 2 document for your property, follow these steps to correct it: 
   – Approach the Sub-Registrar Office: Visit the SRO where the document is registered. 
   – Submit an application for correction: Provide a detailed explanation of the error along with supporting documents to prove the correct information. 
   – Re-verification: Both parties involved in the transaction may need to be present, and witnesses might also be required. 
   – Fee Payment: There could be a small fee associated with making corrections. 
   – Receive the corrected Index 2: Once verified and approved by the SRO, a corrected Index 2 will be issued. 

Conclusion

The Index 2 document is pivotal in property transactions in India. It serves as a legally required record under the Registration Act 1908, helping to verify the authenticity and details of property deals. Whether you are looking to buy, sell or verify a property, the Index 2 document offers transparency and clarity, making it essential for all stakeholders involved in property transactions.