In a major pro-people move, the Punjab Government on Monday waived off total registration fee charged for sale and transfer of property between spouses and blood relations in urban and rural areas with immediate effect thereby giving a big relief to thousands of such beneficiaries.
“The decision is in line with the Government’s desire to encourage people to go in for legal registration of property rather than adopting ultra vires measures which only increased intra family disputes,” said State Revenue Minister Bikram Singh Majithia.
In another major decision, the Punjab Government has brought down the stamp duty on the registration of power of attorney for sale of property or transfer of possession virtually to zero paisa as it has been slashed from the existing two to 0.5 percent. The same would be adjustable towards the payable stamp duty at the time of execution of sale deed with respect to that property.
On all other power of attorneys, a stamp duty of Rs 2,000 will be levied, he added. Majithia said that the state government had also 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.
He said that the committee would submit its report to the Council of Ministers for a final decision.
The Revenue Minister pointed out that a number of allottees have availed golden opportunity provided to them to get their immoveable properties, including plots or 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.
It may be mentioned here that allottees were required to get conveyance deeds executed on collector rate which was linked to present market rate of property. “This decision has benefitted a large number of allottees,” said Majithia urging all such allotees to get conveyance deeds of their properties registered by June 9, which is the last date fixed for this purpose.