Following the resumption of new registrations, the office of the inspector general of registration also notified rules that permit even those registering sale agreements to take benefit of the scheme by paying the applicable stamp duty at the time of possession.
At present, 2% stamp duty has to be paid at the time of registering the sale deed and the remaining 4% for the properties priced below Rs 1 crore and 5% for the properties above Rs 1 crore to be paid during the transfer of title or conveyance.
The 2% cut in stamp duty and 10% reduction in circle rate will be effective till October 30. Depending on the demand, registration offices in the state will be kept open on Saturdays to make up for the time lost due to a technical snag in the system. “The system was developing error during fresh query generation. It was sorted out on Saturday when he carried out trial runs. A few glitches were noticed on Monday that were ironed out. From Tuesday, new query generations have begun and will now enable people to take advantage of the incentives announced in the budget,” said inspector general of registration T Balasubramanian said.
The scheme offers a saving of nearly Rs 1.2 lakh on a flat purchased for Rs 50 lakh. The effective stamp duty will be 4% for the properties below Rs 1 crore and 5% for the properties priced Rs 1 crore and above till October 30 when the scheme expires. Prior to the incentive, the stamp duty was 6% for the properties under Rs 1 crore and 7% for the rest.
With 50 new properties usually registered at the four offices of Assistant Registrars of Assurances (ARAs) in Kolkata daily, that would mean a backlog of nearly 900-1,000 home-buyers waiting to get their apartments registered. The numbers could be higher still with realtors expecting sales to increase by 40% following the incentives.
Balasubramanian said the registration offices would function for extended hours on Saturdays, if needed, to ensure that people were not denied of getting the benefit.