Recently Directorate of Registration amended the Fixation of Lowest Market Price of Property Rules, 2010. The Rules was promulgated by government in 2010 to fix a minimum market price of properties so that people cannot evade stamp duty and taxes.
The recent amendment replace Rule no.5 and set out a new regulations for fixing the lowest market price of properties. Under the new regulations-
- the lowest price of an area under a Sub-registry Office will be calculated based on the average price of previous years’ (January to December) registered sale deeds of that Sub Registry Office; and
- the price fixed will be effective for a period of two years.
The information on lowest market price of properties of an area will be available in the Sub registry Office, District Commissioner’s Office, District Judge’s Office, Assistant Commissioner (Land)’s Office and Office of Directorate of Registration.