Buying property is costlier now
The Delhi Cabinet on Monday lifted the `50,000 cap on property registration fee which will now be equivalent to one per cent of the value. The move makes buying a property costlier as the city government had almost doubled the circle rates in various localities.
With the `50,000 cap on registration fee, properties worth more than `50 lakhs were getting benefit during registration by paying less. But, now after the Cabinet decision there will be no upper limit on registration fee and a flat one per cent of the value would be charged. The move has come in the backdrop of the government taking steps to shore up revenue and take into account the market value of the properties in city.
Chief minister Sheila Dikshit told reporters after the Cabinet meeting that the government has lifted the upper cap of `50,000 on registration fee. Senior officials said that the government had been losing on the revenue as property prices had been on an upper trajectory and flats in good localities have been selling in excess of `1 crore. The government expects to get `100 crores revenue boost after the decision. The Cabinet has decided to keep the lower cap for registration fees at `1,000.
Post new comment