25th Mar,2012: The Stamps and Registration department is all set to reach a gross revenue of Rs 5,600crore this fiscal year. According to the officials these huge figures are as a result of the change in the block-wise values for residential areas, door number-wise values for the commercial and industrial areas and fixed composite values for assessment of market value of apartments and flats in urban areas. The current figure is Rs. 1,172 crore more than that of the gross revenue of last financial year which was Rs.4,428 crore.
The officials also mentioned that the growth rate of the collection is due to the changes in the market values for dry, wet, garden and survey number-wise values for the classifications of agriculture land fit for house sites and land adjoining national and state highways in rural areas.
The officials also mentioned that the department has achieved these healthy collections without tweaking the rate structure, which was last revised on August 1, 2010 both in urban and rural areas. The cases of under-valuations by the parties for levy of stamp duty and registration fee have been reduced by compulsory adoption of the market value fixed by the department.
It’s a regular practice by the Stamps and Registration department to take up the study of trends in market value of the land and determine the value of land to be adopted by the parties at the time of execution of documents for proper payment of the stamp duty and registration fee. Despite the down trend in the real estate sector, the officials noticed a healthy rise in the land transactions and registrations in all districts headquarters and small towns.
source: Times of India