Stamp duty for property registration to reduce in Delhi

New Delhi, July 20 (UNI) The Delhi Government and MCD have agreed to reduce stamp duty for registration of properties in the national capital and the new structure will soon come into force.

Delhi Urban Development Minister A K Walia told reporters that it had become imperative to reduce stamp duty to avail funds for boosting infrastructure development under the Centre's Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

''The reduction of stamp duty was expected after the formulation of the structure of circle rates in the Capital city which were recommended by the Cabinet and are awaiting the formal notification after the approval of the Lt Governor,'' he said.

''The Government has in principle, agreed to bring down the rate of stamp duty at an average of 5 per cent which would enable it to claim funds under JNNURM,'' he added.

The Delhi Government and MCD have also agreed to the formula of equal sharing of stamp duty collection.

The decisions were taken at a meeting presided over by Dr Walia and attended by Standing Committee Chairman Vijender Gupta.

Dr Walia said the new stamp duty structure for registration of properties was being referred to the Centre for concurrence.

''Henceforth, the registration of properties in the name of males would attract 6 per cent stamp duty instead of the present 8 per cent whereas in case of females, it would attract 4 per cent instead of present 6 per cent.

Union Urban Development Ministry has sanctioned the first instalment to the Delhi Government but it could not been released due to lack of agreement about reducing the stamp duty.

UNI