Property registration rates will be cheaper

26 May 2009, Bangalore

Here is a boost to the individual as well as the realty sector. After reducing the stamp duty on property documents from 7.5% to 6%,

the government will reduce the surcharge and cess, thus bringing down the overall registration levy in the state.

From June, the property buyers in urban areas — BBMP, city corporation and urban local bodies — will pay 7.72% of the property value towards registration — while rural areas — taluk panchayats, village panchayats, agriculture lands — will pay 7.78% With the reduced stamp duty, the surcharge and infrastructure cess will also come down.

"A certain percentage on stamp duty is charged towards surcharge and infrastructure cess. These have been brought down in tune with the reduced stamp duty. The notification will be issued in the next couple of days and the revised levy will come into effect from June. The notification will also include the new flat rate of Rs 1,000 as stamp duty and Rs 500 for registration for documents registered as gift deed,'' Inspector general of stamps and registration department K R Niranjan said.