Re­lief for CWG Vil­lage apart­ment buy­ers

Regis­tra­tion be­gins at trans­ac­tion cost but flat own­ers need to hurry be­fore cir­cle rates go up

HT Estates - - Front Page - Jee­van Prakash Sharma

In a ma­jor re­lief to the high-pro­file Com­mon­wealth Games Vil­lage flat buy­ers, the sub-reg­is­trar (Geeta Colony) has be­gun reg­is­ter­ing their apart­ments at the orig­i­nal pur­chase price. All the 20 ap­pli­ca­tions pre­sented for regis­tra­tion be­fore the sub-reg­is­trar have been cleared.

The is­sue got mired in con­tro­versy when the rev­enue depart­ment held up the regis­tra­tion process for cal­cu­lat­ing stamp duty. The apart­ment own­ers wanted to pay stamp duty on the pur­chase cost of the flat, which was around R12000 per square feet while the rev­enue depart­ment wanted to fac­tor in the pre­vail­ing mar­ket price of around R20,000 per sq ft.

The le­gal po­si­tion was that the stamp duty had to be charged ei­ther on cir­cle rate or pur­chase cost, which­ever was higher. In case of CWG apart­ment own­ers, the pur­chase cost ( R12,000 per sq ft) was much higher than the cir­cle rate (then at R7009 per sq ft).

Ac­cord­ing to a close source in the rev­enue depart­ment, “The mat­ter would have taken months, but once the story ap­peared in HT Es­tates, the Col­lec­tor of Stamp, who is a quasi-ju­di­cial author­ity in these mat­ters, ex­pe­dited the whole is­sue and took a call to levy the stamp duty on the pur­chase cost of the apart­ments (as re­ported in HT Es­tates).”

Now CWG flat buy­ers need to get their flats reg­is­tered be­fore the cir­cle rates go up.

“The cir­cle rates of var­i­ous kinds of prop­er­ties in Delhi may go up any­where be­tween 30% to 100% or even more than that. In case it dou­bles, the apart­ment buy­ers will have to pay more stamp duty, so they should get their flats reg­is­tered as soon as pos­si­ble.”

The HT Es­tates is­sue dated Oc­to­ber 20, 2012, high­lighted the plight of CWG Vil­lage flat buy­ers

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