Delhi property registration fee hiked

8220;We have decided to lift the uppper cap of Rs 50,000 as registration fees,8221; Dikshit said after the meeting.

Government currently charges one per cent of total value of a property as registration fees. For a property worth Rs 50 lakh,the registration fees charged is Rs 50,000 which is the upper cap.

8220;Because of the cap,the fees was same for a property worth Rs 50 lakh as well as a property worth Rs one crore or Rs 2 crore. But with the cap gone,fees for a property worth Rs one crore will be Rs one lakh and for a property worth Rs 2 crore,it will be two lakh instead of earlier Rs 50,000,8221; explained an official.

Officials said the decision was taken to increase collection of revenue through registration of properties.

Officials said the government would earn an additional revenue of Rs 100 crore through lifting of the upper cap in registration fees.

They said the Cabinet has decided to keep the lower cap for registration fees at Rs 1,000.

8220;Even for property worth less than Rs one lakh,the fees have been fixed at Rs 1,000,8221; said the officials.

Currently there is no minimum cap on registration fees.