State to register concessional lands at sale price

A spokesman of the Revenue Department Punjab said here that an amendment in this regard in the public interest has been done in the Punjab Stamp (Dealing of Under Valued Instruments) Rules,1983,for rule 3-B.

He said that as per the new amendment,“Notwithstanding anything contained in rule 3-A,the rate fixed for allotment at the fixed price or at the price accepted after public auction of an immovable property by the government or a public sector undertaking or a local body,shall be deemed to be the collector’s rate as fixed under rule 3-A of such property,and the stamp duty shall be changed for registration of instrument of such property at the rate so fixed,at the time of execution of first conveyance deed of such property; provided the conveyance deed is got registered up to the 30th day of September,2011,after making full amount of the said price,or within a period of one year from the date,the last installment of such price had fallen due as per the Schedule fixed for payment in respect of such property,as the case may be.”

A notification in this regard has already been issued and it would come into force with effect from March 8,2011,the spokesman added.