Jamshedpur, Dec. 5: The assets registration department has formed a high-powered committee to study the details of fees charged by its counterparts in neighbouring states.

The department has undertaken this exercise to increase the fees for registration of land and apartments in the state. The panel is expected to complete its task within two months.

State registration minister Chandra Prakash Choudhury said the panel has already sought the registration fees structure and other such details from West Bengal and Orissa.

?Some time ago, the department had forwarded a proposal to the state Cabinet seeking its nod to increase the fees of registration of apartments, houses and land. The Cabinet has asked the department to make an in-depth study of fees? structures in some neighbouring states before a final decision is taken,? the minister explained.

The increase has to be done as the department was unable to garner revenues, though it would be a nominal hike, Choudhury said and added, ?We would not be altering the stamp duty fees at all.?

?In the last fiscal, the annual collection was about Rs 70 crore and although this fiscal?s target is Rs 125 crore, we are not sure of achieving the target. We feel the best way to bring in more revenue to the department is to hike registration fees,? Choudhury clarified.

Interestingly, the total fees for registration of any land or apartment, in Jharkhand, is five per cent of the total valuation of the asset ? four per cent stamp duty and one per cent registration fees.

The registraion fees here are arguably among the lowest in the country.

However, some deputy commissioners in the district suggested that the department is not going to benefit much even if it increases the fees.

?When people are not coming forward to register their immovable assets and when the total fees is just five per cent, how would you think the department would be able to mop up more revenue if the fees are increased?? questioned a deputy commissioner.

Another deputy commissioner suggested that the department should work out a method where the valuation of asset is not understated when its registration is being done.

?There are hundreds of examples across the state where the actual cost of the asset is not shown during registration. Thereby, the buyer has to pay lower registration fees. It would be more prudent if the department fixes an average valuation for land and apartment in each district,? the deputy commissioner advised.