Gurgaon Caps Property Registration Charge Of Licensed Colonies At Rs 15,000

Gurgaon Caps Property Registration Charge Of Licensed Colonies At Rs 15,000

Gurgaon Caps Property Registration Charge Of Licensed Colonies At Rs 15,000
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In what could be termed as a major reformatory step in the real estate sector, the Gurgaon administration has capped registration charges for properties in licensed colonies at Rs 15,000. In a notification issued on April 2, the Gurgaon district town planner has ruled that real estate developers in the city could charge Rs 15,000 from homebuyers towards the administrative registration of flats.

It is worth mentioning here that, a homebuyer has to pay stamp duty and registration charges on top of the property which significantly increased the cost of purchase for the buyer. Across India, one per cent of the property value is given to the authorities as registration charge while stamp duty differs from one state to another. In Gurgaon’s urban areas, homebuyers have to pay eight per cent of the property value as stamp duty which is higher when compared to other cities.

Also read: Going To Buy A Home? Know The Stamp Duty Rate In Your City

The step from the Gurgaon administration was taken in view of the increasing number of complaints that developers in the city were asking over one per cent of the property value as registration charge and legal fee.

“We received several complaints from homebuyers that developers charge 1.5 per cent of the total cost of a property in the name of administrative property registration charge. This is wrong and we have taken some steps following their complaints… This issue was raised at various administrative forums multiple times in the past. The administrative fee is ₹15,000 and beyond that the developer cannot charge a single penny from homebuyers,” Gurgaon District Town Planner RS Batth was quoted in a Hindustan Times report as saying.

Capping of the registration charges has been a key demand of homebuyers across India for a long time now. At a time when property markets across the country are going through a muted phase, such a move would strike a positive note among buyers.

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