Big relief to middle class in property registration

Raipur: Chhattisgarh government has given a big relief to the middle class people who buy property. Now in the purchase and sale of any property, even if the deal amount is more 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 price.

It is worth mentioning that this decision taken in the cabinet meeting recently under the chairmanship of Chief Minister Shri 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 registry fee on whatever was higher between the guideline rate and the deal amount. For example, if the guideline price of a property is Rs 6 lakh and it was sold for Rs 10 lakh, then the registry fee had to be paid at the rate of 4 percent on Rs 10 lakh.

After the amendment in this rule, the property buyer can now quote the actual price even if the deal amount is more than the guideline rate and they will not have to pay any additional fee for this. Even if a property with a guideline value of Rs 6 lakh is sold for Rs 10 lakh, the registry fee payable will be Rs 24 thousand at the rate of 4 percent of Rs 6 lakh. In this way, there will be a saving of Rs 16 thousand.

The special thing is 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.