Delhi Government does away with Rs. 50,000 cap on property registration fees

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taxIn order to increase collection of revenue through registration of properties, the Delhi Government has today taken a step that is going make people purchasing properties above Rs 50 laks, shell out much more for it. The Government has decided to do away with the upper ceiling limit of Rs. 50,000 on registration fee.

Till recently one had to pay 1 per cent of the cost of the property or a maximum of Rs. 50,000 whichever was less. But now with the cabinet approving the removal of this upper limit cap all properties costing above Rs 50 lakhs will have to pay 1percent of the property cost; hence a property worth Rs 2 crore will have to pay Rs 2 lakhs as registration fee as opposed to the Rs 50,000 earlier.