The Registration Act 1908, in its application to the State of Maharashtra has been amended vide Maharashtra Act No X of 2012.

It is coming into force from 1st April 2013.

Object of the Amendment:
These amendments have been carried out with the intention of safeguarding the interests of banks and the society also. Till date, the agreement / intimation relating to mortgage by way of deposit for title deed was out of public domain. Due to this, there was scope for fraudulent practices like availing loans from multiple banks on same property or disposing of the property which is already mortgaged. Therefore these amendments have been brought with the objective of preventing such frauds.

Effect of the amendment:
In case of Mortgage by way of Deposit of title deed done on 1st April 2013 and thereafter:

1. If an agreement is executed (signed) between the Mortgagor and the Mortgagee, it has to be compulsory registered. The usual time limit for registration is four months from the date of execution.




2. If such agreement is not executed, then the Mortgagor has to file a notice of intimation of such mortgage. This notice should be filed within 30 days from mortgage.




3. When an agreement is executed and registered as per clause (1), then on need of filing of notice of intimation.




4. The non registration of agreement / non filing of notice of intimation may defeat the legality of the mortgage and cause injury to the interest of parties. Any person who fails to file such notice within the prescribed time limit shall be liable for punishment under section 89C of the Act.

Procedure for the E-Registration of agreement:
The agreement may be registered with the Sub Registrar Office, within the local limits of who’s the whole or part of the mortgaged property is situate. The procedure for the registration will be the same as for the other documents.
In addition to the regular registration system, as a facility to the citizens and Banks, the Department of Registration & Stamps is going to launch an online application called the “e-Registration Module” for online Registration of said agreements, soon. Both the parties can complete all the registration formalities from the branch of the bank i.e. without coming to the Office of the Sub Registrar.

Procedure for filing of the Notices:
As a facility to the citizens and Banks, the Department of Registration & Stamps is launching an online application called the “e-Registration Module” for online filing of the said notice.