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New Delhi, May 17 (PTI) Facing severe fund crunch due to hefty spending on Commonwealth Games projects, Delhi government today decided to substantially hike the property registration fee in the capital to fetch an additional revenue of Rs 100 crore annually. Now for registration of property worth up to Rs 20 lakh, one per cent of the total value will have to paid as registration fees instead of current Rs 100 while the rate for property over Rs 20 lakh was fixed at Rs 50,000. The decision to hike the property registration fee under Section 78 of the Registration Act 1908 was taken at a cabinet meeting chaired by Chief Minister Sheila Dikshit. "The fee of Rs 100 was fixed in 1964. It has not been changed for last 45 years. The increase in registration fee will fetch the government nearly Rs 100 crore annually," Delhi Revenue Minister Raj Kumar Chouhan said. The new rates of fees in Table-3 for registration of documents such as conveyance deed, sale deed, gift deed, etc. relating to immovable property for all compulsory registered documents, other than leases of immovable property is one per cent of the consideration amount set forth or value as per circle rate whichever is higher subject to maximum of Rs 50,000. The new rates of registration will also be applicable for registration of documents such as conveyance deed, sale deed, gift deed, partition deed and settlement deed. Justifying the hike, Dikshit said property registration fees remained unchanged since June 27, 1964 and it was decided to rationalise the rates after comparing with neighbouring states. She said the rates in Delhi were very nominal and much lower than prevailing rates in the neighbouring states of Haryana and Uttar Pradesh. The national capital, hosting the prestigious Commonwealth Games in October, is going through financial difficulties, especially after the Centre substantially curtailed its allocation in the Union Budget. The Delhi government was allocated a meagre Rs 50 crore for projects linked to the Games against its demand for a special assistance of Rs 2,000 crore. Chouhan said fees for several other categories have also been increased. Now registration of a ''will'' the fee has been increased to Rs 500 against the existing Rs 100. Fees under miscellaneous category have also been increased to Rs 1,000 for each instrument. For example, to file an appeal or to submit an application under various sections of the Registration Act, existing fee of Rs 10 have been revised to Rs 100. Similarly, for authentication of a power of attorney the existing rate of Rs 3 has been increased to Rs 1,000. Officials said the revenue department in 2009-10 had collected Rs 1.31 crore through registration of various properties.
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