Stamp duty and registration charges

[sun]

This was an interesting incident that I wanted to share..

My friend had purchased a site in EC few months back through a RE guy, and while registering as suggested by RE guy he took DD for 6.5% instead of 5.6% and another DD of 1% ...everything went on smooth when he paid "office charges" of around 12k at govt. office.

Now recently when I got my site registered I enquired in sub registrar about stamp duty and registration charges, it's 5.6% and 1% of registering value and depending upon the bank there is separate DD had be drawn for depositing title deeds with the bank, which is 0.1% of the loan amount. My friend got surprised he had paid hard earned money of more than 60k to Govt. for nothing!

We enquired in sub registrar office, he said yes there an option available to get it back but a lot of running around to be done! Any one in the forum know exact process to get it, please do share. Sub registrar office guy is seeking "office charges" again to reveal the information and get it done.

Thanks

[koti222]

Stamp duty and registration charges will be changing every year and will be declared in the state budget. As i remember, earlier till 31st March 2011, stamp duty is 6.5% of registered value and from 01st April 2012, it is changed to 5.6% of registered value. No change in registration charges(1%).

Even these charges vary with each state. The percentages mentioned above are for Karnataka.

[sajayysahuu]

What are the current registration charges and are these increasing in near future? if yes, how much?

[msn1270]

Registration and Stamp duties remains same 5.6% + 1%.
As the guidance values are changing from August 2013,
proportionately the registrations charges also changes from 100% to 200% hike.

[krn]

stamp duty and registration charges are not revised every year.It was around 9.5%+1% around 7years back.it was reduced subsequently and currently stands at5.6%+1%.It is not going tobe increased in near future as long as karnataka asks for and gets funds under JNNURM(Jawaharalal nehru national urban reconstruction mission)for buying buses,building infrastructure etc.As far as guidance value is concerned it is 15 days notice to file objections,after which it will be notified.
It is good news for all,govt will get more revenue to spend on infrastructure,percentage of white money in transactions will increase which is good for the buyer,there will be 10to 20%increase in property prices, good for the seller.

[msn1270]

Even after many people/deveopers file their objections to the new guidance value, you can't expect more than 0.5% difference in the proposed new rates. Already Revenue minister has given the hint to roll back the 1% reduction in the registration charge given by Former CM D.V.S. Since there is a parliamentary election awaiting anything within 6 months, the new Government doesn't want to take risk by hiking both Guidance Value and Registration Charges. Just a wait and watch gimmick.

Already the anti-middle class New state Government has prepared plans to exploit the citizens of karnataka, by series of hikes in the coming days.

Daily consuming Rice rates are already up by Rs. 10-15.

Once again KMF Milk Prices are expected to go up by Rs. 2-3, even though it was hiked few month back by Rs. 3-4, just before the last elections.

Vehicle Registration and Road Taxes are going to be increased.

Registration or Stamp duty will be hiked.

*
*
*
*
etc.