Now in Delhi, you will be allowed to register property below the circle rate
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If you are property holder in Delhi, so here is great news for you because Delhi High Court has buyers and sellers to register properties below circle rate, according to reports of ToI (Times of India).
It is expected that with this decision of Delhi High Court, thousands of property buyers and sellers will get benefit because now they will be able to register their properties below circle rate. Circle rate is the minimum rate below which no seller or buyer are allowed to sale or transfer a commercial property or a residential property. The Delhi High Court stated that “If property owner will be able to convince the Collector of Stamps and he will give the reasonable reasons that why asset should be valued below the circle rate in that region, so they will be allowed to register their property at the rate prescribed below the circle rate”
The Delhi High Court relying on the “Provisions of the Indian Stamp Act in an order to revive discretionary powers vested with the State Government under the Section 47A to register and sale of the property below the local circle rate in that region”. We all know that sometimes properties which are in bad locality or disputed carry a low valuation. So owner of these kinds of property holders can cite these reasons in front of Collector of Stamps.
