The UT administration issued a notification to increase the collector rates for calculating stamp duty in the sale transactions of property by 25 per cent and 15 per cent for properties in urban and rural areas, respectively, here today.The revised rates will come into effect from August 1.
Under the new norms, collector rates for residential premises in the urban area will be charged at Rs 49,920 per sq yd (from earlier Rs 39,936), whereas the charges for the same in the rural area will be Rs 6,240 per sq yd (from earlier Rs 4,992) in villages under the municipal corporation and Rs 4,160 per sq yd (from earlier Rs 3,328) in other villages of the UT.
The revised collector rates for agriculture land will be Rs 70 lakh per acre and Rs 17.50 lakh per two kanal in all UT villages. Earlier, these were Rs 60 lakh per acre and Rs 15.25 lakh per two kanal. For commercial sites in Phases I and II, Industrial Area, the new rates have been set at Rs 49,920 per sq yd (from earlier Rs 39,936), while the charges for other commercial sites are varying.
The administration has fixed the criteria for the calculation of value of constructed/covered area for charging the stamp duty. In the urban area, the charges will be Rs 920 per sq ft for construction less than 10 years old and Rs 460 per sq ft for others. In the rural area, the rates will be Rs 110 for “kuccha” houses and batten roof houses, Rs 202 per sq ft for 10 or more than 10-year-old RCC construction and Rs 405 per sq ft for less than 10-year-old RCC houses.
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