Chhattisgarh government has given big relief to the middle class buying property. Now the registry fee on purchase and sale of property will be charged on the basis of guideline rate and not on the actual deal amount. With this, if you buy a property worth Rs 15 lakh, the registration fee will be only Rs 40 thousand, whereas earlier this fee was Rs 60 thousand.
Chhattisgarh government has given big relief to the middle class in purchasing property. Under this, now the purchase and sale of any property will be as per the guide line rate. Even if you buy a property worth Rs 15 lakh, the registration fee will be four percent of Rs 10 lakh i.e. Rs 40 thousand. That is, even if the amount of property purchase-sale transaction is high, the registry fee will be as per the guideline rate. With this, middle class families dependent on bank loans will be able to get loans on the basis of actual value.
This decision, taken recently in the cabinet meeting chaired by Chief Minister Vishnu Dev Sai, will benefit those citizens who buy property by taking bank loans. Finance Minister OP Chaudhary said that this amendment will facilitate middle class families to take more bank loans on the basis of actual value. Besides, this decision will also be helpful in increasing transparency and clarity in the property market and will encourage the trend of showing the real value.
There is exemption in Madhya Pradesh also
In other states of the country, registration fee is charged on the guideline price of the land or the deal price, whichever is higher. In Madhya Pradesh, exemption in registration fee has been given if the deal price is shown more than the guideline price. Due to this, there has been an increase in the tendency among people to write the actual deal price in the registry paper.
it was like this till now
Currently the guide line price of a property is Rs 10 lakh and its deal was done for Rs 15 lakh. The registration fee on this was four percent of Rs 15 lakh i.e. Rs 60 thousand. Now after this decision of the state government, there will be a saving of Rs 20 thousand.
This will be beneficial, now you will not put wrong price
Currently the deal value of a property is much higher than the guideline value. But people mark the deal price only at the guideline price or around it. This happens because if the actual deal amount is mentioned, the registration fee will be charged on the guideline value or the actual deal amount, whichever is higher.
To avoid high registration fees, people enter the deal price by rounding off the guideline price or thereabouts. Now after changing the rules, this will not happen. By showing a low deal price, the bank loan is also less. With this policy, the common people will get the real value of their property even in judicial cases. If ever some fraud is found in the property, then the person is entitled to get the same compensation from the seller, which is written in the registry paper.
