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Since 1st March, 1999
 
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CIMA Gallary

Registration rush to skirt revised fee

People on Tuesday rushed to the registry office at the collectorate to get their property registered before the increase in the minimum value register (MVR), effective from Wednesday.

Till 9pm, as many as 500 assets were registered. People could register their properties in the existing rate till 11.59pm.

Serpentine queues were seen in front of the registry office at the Patna collectorate on Monday also. The office was open till 11.30pm yesterday (Monday).

On Tuesday, the queues were longer. Even the heat could not deter people from standing in the line for their turn. The mercury climbed up to 38.4°C, but the people remained steadfast on their goal.

“On Tuesday, I came to the office at 10am and it has been more than three hours now. There are others who have been waiting for their turn from the small hours. If I manage to get my new flat registered today (Tuesday), I would save around Rs 60,000 on stamp duty,” said Dr Sanjeev Kumar Singh, who had come to register his 2 BHK flat in Rukkanpura.

He added: “I spent almost the entire day at the office on Monday and went back around 11.30pm, when the counters closed.”

Registration officials claimed that around 400 applications were registered on Monday against the daily average of 150.

MVR is the base rate for fixing the stamp duty of property. The new rate is 300-1,000 per cent of the existing rate.

“The new circle rate is very high compared to the existing one. I decided to register my 3 BHK flat at Jagdeo Path at the existing rate today (Tuesday). That way, I would save around Rs 75,000,” said Kamini Singh, a homemaker.

However, others claimed that the hike in the MVR would be of little help to them. “The difference between the market rate in Patna and the revised MVR is still very high. Saving a few thousand on stamp duty would not bring much respite from the escalating property prices in the city,” said Anand Singh, a real estate developer from the city and based in Delhi now. He added that he would save around Rs 1.5 lakh if he got his land registered at the present rate.

Mushtaq Ahmad, a petroleum engineer, said he saved around Rs 36,000 by registering his land on the existing rate.

The rate of stamp duty in the state is 8 per cent of the MVR and another 2 per cent is paid as court fee.