Properties in Delhi are set to get more expensive.
The Delhi cabinet on Monday approved the revision of registration fee, increasing the sum from the current Rs 100 to one per cent of the sale amount (or the circle rate of the area concerned). The government has, however, set a Rs-50,000 cap on the fee.
So, if you were to buy a house for Rs 40 lakh, you will pay Rs 40,000 as registration fee.
“The registration fee has been in implementation since 1964. It was due for revision,” Delhi revenue minister Rajkumar Chauhan said.
The new rates will come into effect with the notification by the Lieutenant Governor — likely to happen in a week’s time, an official said — and help the government earn an additional Rs 100 crore annually.
Registration fee is separate from stamp duty, which is paid to the government when a property is sold and transferred to the buyer. Registration fee is also charged when a property is either gifted or partitioned and is registered in the name of a new person.
Circle rates too are likely to be revised by July-end.