Raipur
On the initiative of Chief Minister Shri Vishnu Dev Sai, Chhattisgarh government has given big relief to the middle class people buying property. Now, in the purchase and sale of any property, even if the transaction amount is more than the guide line rate, the registration fee will be charged as per the guide line rate. With this, middle class families dependent on bank loans will be able to get loans on the basis of actual value.
It is worth mentioning that this decision taken in the cabinet meeting chaired by Chief Minister Shri Vishnudev Saiji recently will especially benefit those citizens who buy property through bank loans. Earlier, in the purchase and sale of property, it was necessary to pay registration fee on whichever was higher than the guide line rate and the transaction amount. For example, if the guide line price of a property is Rs 10 lakh and its deal is done for Rs 15 lakh, then the registration fee at the rate of 4 percent on Rs 15 lakh had to be paid at Rs 60 thousand.
After the amendment in this rule, property buyers can now mark the actual price even if the deal amount is more than the guide line rate and they will not have to pay any registry fee for this. Even if a property with a guideline value of Rs 10 lakh is sold for Rs 15 lakh, the registration fee of Rs 40 thousand will be payable at the rate of 4 percent of Rs 10 lakh. In this way there will be a saving of Rs 20 thousand.
Finance Minister Shri OP Chaudhary said that this amendment will facilitate middle class families to get more bank loans on the basis of actual value. Apart from this, this decision will also be helpful in increasing transparency and clarity in the property market and this will encourage the trend of showing the real value.
In other states of the country, registration fee is charged on the guideline price of the land or the deal price, whichever is higher. Only in Madhya Pradesh, exemption in registration fee is given if the deal price is shown more than the guideline price. Due to this, there has been an unprecedented increase in the tendency among people to write down the actual deal value in the registry paper.
The current deal price of a property is usually 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 higher registration fees, people enter the bargain price by rounding off the guideline price or thereabouts.
It is noteworthy that this initiative of Chhattisgarh government will directly benefit all the middle class families of the state because most of the middle class families depend on bank loans to buy property. Bank loan is available on the basis of transaction amount shown in the registry paper. People show transaction value equal to the guideline price to avoid registration fee. By showing lower transaction price, bank loan is also less. With this policy, common people get The actual value of the property will be received 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. If the correct value of the property is recorded in the registry, the affected person will be able to get the right compensation.
