As the State government announced that the new revised guidance value - an average 25% to 30% higher than the existing rates - will come into effect from October 1, the number of online applications being filed for registering properties before September 30 have shot up exponentially.
To accommodate this surge in the number of applications, the Department of Stamps and Registration has decided to open sub-registrar offices across the State from 8 a.m. to 8 p.m. At present, sub-registrar offices function between 10 a.m. and 5.30 p.m. The order also states that sub-registrar offices will function as usual from 8 a.m. to 8 p.m. on September 23, fourth Saturday of the month, which is usually a government holiday.
“As per rules, we need to collect the stamp duty as per the date of registration of the property deal and not the date of the application being filed. If we do not work towards ensuring all applications being made seeking a slot for property registration now before September 30, the new guidance value will apply and the stamp duty will be levied as per the new rates. So we have decided to work for extra hours and provide this window to clear all pending applications seeking a slot before September 30,” a senior official from the Department of Stamps and Registration said.
The official said while the data of incoming applications has not been centrally collated yet, it could be said that there has been a surge and if sub-registrar offices do not work extra hours, it is highly unlikely that all of them can be cleared before September 30.
The last time the guidance value of properties was revised was in 2018, which came into effect from January 1, 2019. While it had been a common practice to revise guidance value every year, it was not done as the real estate market took a hit due to the pandemic in the following years. In fact, the State government had given a 10% rebate for guidance value for two 3-month intervals in 2022 to boost property registrations. During these intervals too, the sub-registrar office worked overtime to cater to the surge in demand.
