High-Value Property Deals Results in Higher Stamp Duty Collection

high-valuePune: The Government of Maharashtra is all set to be benefited by higher stamp duty collection. High-value property deals are escalating in the state due to which there is a probability of increase in the collection of stamp duty by Rs.2, 000 crore in the year 2012-13.According to a report, as compared to previous year, the number of property registrations has remained unchanged but due to the boost in high-value property deals, the returns have shoot up. The report also mentioned that the revenue did not increase due to the alteration in the ready reckoner rates which was hiked by an average of 10%. The ready reckoner rates came in effect only during the last 3 months of the financial year; therefore there are no possibilities of these rates causing the increase in revenue.After sales tax, the state government earns huge revenues from stamp duty and registration fees. Whenever a property is sold, leased out or any deal takes place, it has to be registered and on the basis of the ready reckoner rates fixed by the government, the property owner has to pay the stamp duty.The prime cities which have contributed towards the higher stamp-duty collection are Mumbai, Pune, Thane, Raigad and Nagpur where the sales of flats costing Rs. 1crore and more are high. Unoccupied plots in these cities are also resulting in higher stamp duty as even they cost near above 1 crore. According to sources, in 2012-13, there were some deals in which a single sale deed led to collection of Rs. 40 crore or more as stamp duty.For the convenience of the property buyers and sellers, the IGR (Inspector General of Registration) office introduced a service called iSarita in July 2012. This facility allows the seller as well as the buyer to fill all the required data and information about the property online and implement the sales deed at the sub-registrar office.Since this online process saves a lot of time, it resulted in increase in number of property deals especially in urban areas where this facility was moreover used by property agents or civil lawyers.займ на карту без отказов круглосуточновзять кредит онлайн

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