Thursday, May 28, 2015

Committee to rationalize collector rates throughout Panjab

It has been decided to rationalize collector rates throughout the state and a high level committee comprising financial commissioner revenue and principal secretary finance had been constituted under the chairmanship of chief secretary for this purpose. The committee would submit its report to the council of ministers for a final decision.

A number of allottees have availed a golden opportunity provided to them to get their immoveable properties (plots/houses etc) allotted by the government or a public sector undertaking or local bodies registered through conveyance deeds at rates mentioned in their allotment letters. Allottees were required to get conveyance deeds executed on collector rate which was linked to present market rate of property and this decision had benefitted a large number of allottees.

Punjab government on Monday waived off the entire registration fee charged for sale and transfer of property among spouses and blood relations in urban and rural areas with immediate effect, giving a big relief to thousands of such beneficiaries.

The decision was to encourage people to go in for legal registration of property rather than adopting ultra vires measures which only fueled family disputes.

Punjab government has brought down stamp duty on the registration of power of attorney for sale of property or transfer of possession virtually to zero as it has been slashed from the existing 2% to 0.5% and that too would be adjustable towards the payable stamp duty at the time of execution of sale deed with respect to that property. On all other powers of attorney a stamp duty of Rs 2,000 will be levied.

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