Reduction of Registration Fees for Property

The Assam State Cabinet has approved the amendments to the Indian Registration Act 1908 (Assam Amendment 2013) recently. This has paved the way for the long-awaited notification of reduction of registration fees for immovable property, said the Real Estate and Infrastructure Developers’ Association (AREIDA) in a statement.

The untiring efforts of the AREIDA led to the amendments to both the Indian Stamp Act and the aforesaid Indian Registration Act, which had been the highest in the country. These statutory changes in immovable property taxes will be a huge relief for the people of Assam, said AREIDA.

The Assam Assembly had cleared the Bill a year back in February 2013. However, this Bill required the endorsement of the Government of India since it was a Central legislation in the concurrent list. The Bill received approval of the Government of India a few months back, but a State Cabinet approval to it was required for the final notification.

Earlier, the Stamp Duty Registration Charges + GMDA duty in Guwahati was 17.5% of the property value. Now, the picture will be 5% for a male applicant, 3% for a female applicant and 4% for joint applicant.

The amendment to the Stamp Act has already been notified and the stamp duty has been reduced. The processing fees waiver of one per cent by GMDA, for permission of apartment sale, is covered in the New Building Bye Law. The registration fees reduction is cleared by Cabinet today, said the CREDAI Association.

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