NAGPUR: Property buyers will be able to register their deals by paying lower stamp duty till the last moment, before the state government revises the ready reckoner rates from April 1 onwards.
The registrar offices across the state remained open on Friday despite it being a public holiday on account of Good Friday. The registrar offices will also work on Saturday, March 30, and Sunday, March 31, to facilitate this.
The ready reckoner rates, which form the basis for calculation of stamp duty, are revised from every April 1. It is a market valuation of commercial or residential property in a given area, and is considered as the least cost at which stamp duty has to be paid.
This means even if a property has been actually sold for ₹10 lakh, and the ready reckoner rate comes to ₹15 lakh, the stamp duty is calculated on the latter. The rates are pegged on per square meter basis. The final rates are only released on April 1.
There have been times when no changes were made, but the decision is only known on the first day of the financial year. However, the likelihood of a revision is always there, said sources in the department.
At times, the market rates are higher but the official valuation remains low, leading to a loss to the government, said a source. The department of registration and stamps has set a target of collecting ₹1,500 crore as duty from Nagpur city, an official said.
Builder Tejindersingh Renu said the registrar offices remaining open will help buyers as well as ease the workload. Though the deals are stuck earlier, buyers often wait till the last date to register the property.
There may be some deals which have been stuck at a price lower than the ready reckoner, such buyers can pay the stamp duty at the existing rates before a likely revision, he said.