Summary:
“With transport projects, values of properties go up and it is the government policy to capture this additional value. It is the standard value capture formula for cities having Metro projects,” he said. It had amended the Municipal Corporation Act in November last year.The extra surcharge for purchasing new properties was introduced in Mumbai last year. Now, it is 8%.The components of the fees till February 7 were 5% stamp duty, 1% local body tax (LBT) and registration fee of 1% (up to a ceiling of Rs30,000). The same policy would be followed in other cities in the state where vital urban transport projects would be executed, he said.Senior revenue officials said the additional 1% surcharge would definitely increase the value of property registrations..