Big news for the middle class: Big relief to the middle class in property registration

Raipur, 16 November 2024: On the initiative of Chief Minister  Vishnu Dev Sai, the Chhattisgarh government has given a big relief to the middle class people buying property. Now in the purchase and sale of any property, even if the deal amount is higher than the guideline rate, the registry fee will be charged as per the guideline rate. With this, the middle class family dependent on bank loan will be able to get loan on the basis of actual value.

It is worth mentioning that this decision taken in the cabinet meeting recently under the chairmanship of Chief Minister Vishnudev Sai ji will especially benefit those citizens who buy property through bank loan. Earlier, in the purchase and sale of property, it was necessary to pay the registry fee on whichever was higher between the guideline rate and the deal amount. For example, if the guideline value of a property is Rs 10 lakh and the deal is done for Rs 15 lakh, then the registry fee was Rs 60,000 at the rate of 4% on Rs 15 lakh.

After the amendment in this rule, the property buyers can now mention the actual value even if the deal amount is more than the guideline rate and they will not have to pay any registry fee for this. If the property with a guideline value of Rs 10 lakh is sold for Rs 15 lakh, then also the registry fee will be Rs 40,000 at the rate of 4% of Rs 10 lakh. In this way, there will be a saving of Rs 20,000.

Finance Minister  OP Chaudhary said that this amendment will help middle class families to get more bank loans on the basis of actual value. Apart from this, this decision will also help in increasing transparency and clarity in the property market and will promote the trend of showing the actual value.

In other states of the country, registration fee is charged on the guideline price or deal value of the land, whichever is higher. Only in Madhya Pradesh, exemption in registration fee is given on showing deal value more than the guideline price. Due to this, there has been an unexpected increase in the tendency of people to write the actual deal value in the registry papers.

At present, the deal value of a property is usually much higher than the guideline price. But people mention the deal value as guideline price or around it. This happens because if the actual deal amount is mentioned, then the registration fee will be charged on the guideline price or the actual deal amount, whichever is higher. To avoid higher registration fee, people enter the deal value by rounding it to the guideline price or around it.

It is worth mentioning that all the middle class families of the state will get the direct benefit of this initiative of the Chhattisgarh government because most of the middle class families depend on bank loans to buy property. Bank loan is given on the basis of the deal amount shown in the registry papers, to avoid registration fee people show the deal value equal to the guideline price. Showing a lower deal value results in lesser bank loan. With this policy common people will get the actual value of the property even in judicial cases. If any 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 papers. With the correct value of the property being mentioned in the registry, the affected person will be able to get the correct compensation.