Tag Archives: property registartion

Discount on registration from fourth to the seventh floor

The Stamp and Registration Department has decided to give discounts during registration of flats from the fourth to the seventh floor.In order to boost the reality sector in Greater Noida and Noida, it has been decided to relieve the purchasers of flats/apartment by giving discounts during registration.

Any purchase of flat on the fourth floor will get 5% discount on the actual price. Similarly purchase on the fifth floor will earn 10% discount, sixth floor will get 15% and seventh floor will get 20% discount.All floors after the seventh will be given upto 20% discount. The purchasers will also get 20% discount on the purchase of stamp paper. “This discount can be availed only if the purchasers buy a flat or apartment as per the circle rate” said S.N Rai, Assistant General Manager, Stamp and Registration Department.The discount on buying at less than the circle rate will be decided on the basis of the circle rate itself.

The discount on buying at less than the circle rate will be decided on the basis of the circle rate itself. In such a scenario the registry will also be done on the circle rate itself. Then the stamp duty will be paid on the basis of the agreed sum between the buyer and the builder.Inspite of the fact that builders charge more money from the clients for choosing their own flat, this decision by the Stamp and Registration Department has been welcomed with open arms.

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Registering a property could soon become easier

The government is planning to replace the Indian Stamp Act 1899 with a simpler law that will do away with a large number of provisions and fees.The finance ministry has already initiated a preliminary exercise to draft the new law and is hopeful of finalizing it by the end of the year. The draft will need to be discussed with State governments to elicit their views as well.

Under the Indian Registration Act, the purchase of a house should be registered with the office of the registrar or sub-registrar of the district within whose jurisdiction the property is situated. Registration of property helps trace the history of ownership of a property.At present, the documents are physically verified by different departments, making the process of registration a time-consuming one. The new legislation is expected to address the problems being faced in registration of properties. The proposed legislation is likely to recognize electronic stamping and electronic payment of stamp duties. At present electronic stamping and electronic payment of stamp duties facility is available as part of the e-governance initiative for companies that wish to file their papers online with the Registrar of Companies.

The government is also planning to rework the current structure of stamp duty fees and penalties. Duties charged in the smaller denominations could be replaced with specific amounts or be calculated as a percentage. It is to be noted that the Law Commission had taken up the issue of amending the Indian Stamp Act last year. It had suggested in its report that the required fee for any transaction or court fee should be paid by demand draft, cash, or postal order rather than through non-judicial stamp papers or special stamps.

UP govt decided to increase property registration fee

Lucknow: The Uttar Pradesh government has decided to increase property registration fee from exisiting Rs 5000 to Rs 10,000. The decision to hike property registration fee will earn the department an additional revenue of Rs 75 crore annually.

At present Rs 5,000 is the maximum fee charged for registration for executing sale deed of a property. UP government has decided to increase property registration fee to a maximum of Rs 10,000 from this december 1.

Principal Secretary Tax and Registration Desh Deepak Varma told news agency “Fee being charged at the time of registration of properties will be hiked from existing Rs 5,000 to Rs 10,000 from December 1,”. He said now one per cent fee would be charged for the registration of a property up to Rs 2.5 lakh and two per cent for properties above Rs 2.5 lakh.However, this fee will not be more than Rs 10,000.It will also provide relief to those who own property of value less than Rs 2.5 lakh.