UP government approves new rules for land, property registrations, DM`s approval needed now
| Tuesday | 15th June, 2021
The DM will now fix the value of land properties like land, house, flat, shop etc. and the stamp duty to be charged for getting such property registered in the purchase and trade of the state.
Eight proposals including a new proposal by the Stamp and Registry Department have been approved in a cabinet meeting of the Yogi government held on Monday at the Lok Bhavan in the capital Lucknow.
According to the new proposal, the DM will now fix the value of land properties like land, house, flat, shop etc. and the stamp duty to be charged for getting such property registered in the purchase and trade of the state.
State Stamp and Registry Minister Ravindra Jaiswal gave information in this regard. He said that after this important decision of the cabinet, now there will be no disputes in fixing the rates of land properties in the state and the stamp duty to be levied on amidst the registry process.
Existing Process: Earlier, buyers, property dealers and registry attorneys used to contact an officer of the registry department and the price of that land or house was fixed verbally, while the stamp duty was charged based on its registry. The estimated value of the property remained a major doubt in the existing process.
New Process Explained: Anyone will be able to apply to the District Magistrate before every sale. This will end the disputes regarding the estimation of the value of the building or land and the stamp duty levied on it and the system will be simplified.
If any person wants to buy any shop, house, land, flat etc. anywhere in the state, then initially he will have to give an application to the DM of the concerned district. Along with this, a fee of Rs 100 will have to be deposited in the treasury through a treasury challan.
Later, the District Magistrate will get the Lekhpal to evaluate the existing rate according to the DM circle rate of that land property. After that, the stamp duty to be levied on the registry of that property will also be determined in writing.
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