What is Index 2 in Agreement for Sale and Property Transaction?

The Index 2 document plays a pivotal role in Indian real estate transactions, serving as an official record that details the transfer of property ownership. This crucial document, recorded by the Sub-Registrar’s office (SRO), lists essential information such as the property’s description, the parties involved, and the transaction date. Its legal necessity stems from its role in establishing clear ownership, thereby preventing disputes and ensuring transparency in property dealings. Understanding what is Index 2 in agreement for sale and any other property transaction will be vital for anyone making their way through the real estate market, as it not only represents legal compliance but also protects the interests of all parties involved in the transaction. This blog by L&T Realty helps you do exactly that. Let us take a look at what Index 2 is, its importance in real estate, and how one can obtain it.

What is Index 2? What is the Role of the Sub-Registrar Office (SRO)?

Index II is a summary document generated by the Sub-Registrar Office (SRO) after the registration of property-related documents, such as sale deeds, rental contract, gift deed, and more. It serves as an official record that contains crucial information regarding the transaction, including the names of the buyer and seller (or other parties involved), a description of the property in question, the date of the transaction, as well as the registration number.
This document is crucial for establishing a clear chain of ownership and is often required for legal and administrative purposes, such as obtaining bank loans against property, verifying ownership during property sale, and ensuring compliance with local property laws. Index II is instrumental in maintaining transparency in property transactions, safeguarding the rights of the property owner, and preventing fraudulent claims. Its importance in the real estate sector cannot be overstated, as it provides a government-verified acknowledgment of property transactions, reinforcing the security and legality of real estate dealings in India.

Contents of Index 2

Index 2 attests to the legality and transparency of the property transaction, containing a wealth of information that is vital for both parties involved and for legal authentication procedures. Here’s a detailed list of the information contained in Index 2:

Transaction Amount

It specifies the financial value agreed upon by the parties for the property transaction, offering insight into the economic considerations of the deal.

Property Market Value

This reflects the government’s valuation of the property based on its location, size, and other factors, which is essential for calculating stamp duty and registration fees.

Property Description

A detailed description of the property, including its type (residential, commercial, etc.), address, boundaries, and any other identifying characteristics, ensuring clarity and specificity in the transaction.

Area of the Property

The document lists the total area of the property in square feet or square meters, providing a clear understanding of the property’s size.

Parties Involved

Index 2 records the names and details of all parties involved in the transaction (buyer, seller, witness, etc.), establishing the identities of those with legal rights and obligations concerning the property.

Registration Details

It includes the date of registration, unique document number, and other specifics that confirm the transaction has been officially recorded by the authorities.

Registration Office Name

The name as well as location of the SRO where the Index 2 was registered, linking the transaction to a specific legal jurisdiction for any future references or disputes.

Confirmation Seal

The Index 2 will also have an official seal of the Sub-Registrar Office (SRO), which will essentially confirm the authenticity of the document. It might also have a signature and name of the official who has registered the Index 2.

Purpose and Importance of Index 2 for Sale Deed and other Documentation

Index 2 is a cornerstone for ensuring transparency, legality, and clarity in real estate dealings. Its multifaceted purpose and importance span various aspects of property transactions, making it an indispensable tool for all stakeholders involved.

Verification of Property Transactions

Index 2 is crucial for verifying the authenticity of property transactions. It provides a government-validated record of the deal, including details of the parties involved, transaction amount, and property description. This verification process helps in establishing trust among parties and mitigating the risk of fraudulent transactions.

Maintaining Transparency

By detailing the transaction amount and property market value, Index 2 ensures transparency in real estate dealings. It allows all parties to have a clear understanding of the financial aspects of the transaction, including the basis for stamp duty and registration fees, thereby preventing any hidden charges or discrepancies.

Resolving Disputes

In case of disputes related to property transactions, Index 2 serves as a critical piece of evidence. Its comprehensive record of transaction details, including the parties involved and the property description, can be pivotal in legal proceedings, helping to resolve conflicts and establish rightful ownership.

Reference for Future Transactions

For any future transactions involving the same property, Index 2 acts as a reference document. It provides a historical record of past transactions, which is essential for due diligence processes, ensuring that all subsequent dealings are based on accurate and verified information.

Record-Keeping Purposes

From the perspective of government authorities, Index 2 is vital for record-keeping and administrative purposes. It aids in the maintenance of an organized database of property transactions, facilitating efficient governance and planning. This organized record-keeping is essential for urban development, taxation, and legal compliance.

Legal Record

Perhaps the most significant role of Index 2 is its function as a legal record of property ownership and transaction details. It legally substantiates the transfer of ownership, providing a solid foundation for establishing property rights. This legal acknowledgment is crucial for property owners to avail of services like utilities, loans against property, and insurance.

Ensuring Compliance and Security

Index 2 also plays a key role in ensuring compliance with the Registration Act of 1908 and other regulatory frameworks. By providing a transparent and detailed account of transactions, it reinforces the legal framework designed to protect the interests of buyers and sellers alike.

How To Obtain an Index 2 Online

One can get the Index 2 through a number of channels. Some states in India such as Maharashtra make it very easy to obtain the document online.

• In the state of Maharashtra, the Inspector General of Registration and Stamps (IGRS) department’s website has is the official online portal to find an Index 2.
• Register as a user on the website, or simply login to the portal if you already have a registered account on the site.
• Find the Index 2 section, wherein you can input the relevant jurisdiction for the property in question – “Mumbai”, “Rest of Maharashtra”, or “Urban Areas in Rest of Maharashtra”.
• You will then have to add details of the property, such as its year of registration, village name, survey number, as well as the name of the district.
• After adding the required details, you can then hit “search”. This will then initiate the process of finding the Index 2 document you’re looking for.
• When the search is done, you will be able to view as well as download the Index 2 document.

How to Obtain an Index 2 Offline

• In order to get the Index 2 for a property, one might need to visit the Sub-Registrar Office where the property has been registered along with some documents such as identity proof and property details.
• Submit an application for an Index 2, filling out all the necessary information that is required by the office.
• In some cases, there might be a fee that needs to be paid in order for one to gain access to a property’s Index 2.
• You will then be required to provide details about the property in question, including its address as well as its survey number.
• After the SRO examines the documents and information provided and deem it to be authentic, they will then issue the applicant with the Index 2 document.

FAQ’s

1. What exactly is an Index II document?

   An Index 2 is a document that serves as an official record that contains crucial information regarding a property transaction, including the names of the buyer and seller (or other parties involved), a description of the property in question, the date of the transaction, as well as the registration number.

2. Is Index 2 a public document?

   Index 2 is considered a public document, and is accessible to the public with the aim of promoting transparency in property transactions.

3. How can I obtain Index 2 online?

   In the state of Maharashtra, you can visit the Inspector General of Registration and Stamps (IGRS) official website, where you can input details regarding the property and gain access to the Index 2.
   In the state of Gujarat, the online portal where you can get the Index 2 is garvibeta.gujarat.gov.in. After filling in all the necessary details, you will be sent a verification code. After having submitted the code, you will gain access to Index 2.

4. What information does Index 2 contain?

   An index 2 contains vital information regarding a property transaction – which includes the transaction amount, property value, location of the property, area of the property, registration details, parties involved, as well as the registration office name.

5. Why is Index 2 important?

   Index 2 is crucial for property transactions and real estate as it legally verifies ownership transfer, ensures transparency by detailing transaction specifics, and serves as an essential record for resolving disputes, referencing in future dealings, and maintaining government records, thereby safeguarding the interests of all parties involved in the transaction.

6. Can Index 2 be used as proof of property ownership?

   Yes. Along with aspects such as property registration, detailing parties involved, Index 2 can also be used as a form of evidence of property ownership.

7. What are the steps to rectify errors in Index 2?

   If you happen to find any errors or inaccuracies in your Index 2 document, you can visit the relevant Inspector General of Registration and Stamps (IGRS) website.