UP News: Registration of house and land in UP will be expensive, new rates released

Digital Desk New Delhi , Getting the registration of house and land done in UP is going to prove to be expensive. According to the information, the registration fee may be double than before. 

The proposal to increase the fee by the Stamp and Registration Department will soon be presented in the cabinet. After which, if the proposal is approved, the maximum registration fee of the property will increase from Rs 10,000 to Rs 20,000. 

According to the information, earlier the registration fee was increased by the state government in UP in 2009. Then the fee was increased from Rs 5,000 to Rs 10,000 per registration.

This fee will also increase.

According to the proposal to increase the fee, the fee for calling home and getting the registry done will also be increased from Rs 200 to Rs 5,000. Along with this, a proposal has been sent by the Stamp and Registration Department to increase the fee for keeping the registry in safe custody from Rs 5 to Rs 500.

What is the rule now?

Currently, the circle rate of industrial, institutional and commercial properties in the state is decided by considering it 300 times the rent of the property. This makes the price of the property up to twice the current market rate. 

Because of this, investors have to pay more stamp duty for getting the property registered. Due to the old method, instead of getting the commercial property registered, sale deeds were being done in many big cities of the state, due to which the department was incurring a loss of more than Rs 500 crore.