Wednesday, November 18, 2009

Stamp duty hike to hurt realty

A registration fee of 1% of the market value means a hike in stamp duty from 5% to 6%

Revenue minister Narayan Rane's decision to lift the stay and levy a registration fee of 1% of the market value on all documents will once again clamp down the city's property market that had grudgingly begun raising its head, builders and property experts said. The decision, which is yet to get the formal nod of the state cabinet, will effectively mean a hike in stamp duty from 5% to 6%, they added.

Consumer activists too slammed the government. Stating that the fee was not a tax, but an amount charged for preserving documents, they asked the government not to think of registration fee as a means of collecting revenue.

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  1. Nobody, including the Govt., leaves any opportunity to choke or extort buyers.

    As usual, builders will take double that amount in the name of increase in duty duty.

  2. Now we know elections are over and promises are forgotten. Govt too is no exception to greediness rule. Its not just builders.
    Who suffers... the consumer. Thanks for making my vote count this elections. I did not vote for tax/levy hike.