Apartments in Bangalore

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Karnataka Stamps and Registration Department is considering over 2000 post office and equal number of public sector banks across the state for property registrations. The department has been running the pilot project for the e-stamping initiative at four sub-registrar offices in the city. Property buyers will not have to go through the hassle of paying the registration fee and stamp duty at the sub-registrar’s office from next month.

On a pilot basis, the department is planning to launch the facility in 75 post offices in Bangalore by next month. A public sector undertaking, Stock Holding Corporation of India Limited (SHCIL) would be in charge of keeping a centralized record of all e-stamping documents. E-stamping is computer based application which enables you to pay for stamp duty using electronic device.

The postal department wants to charge Rs 10 as an additional fee from customers for e-stamping denominations up to Rs 100, and Rs 15 for e-stamping denominations above Rs 100. This is in addition to 0.15 per cent commission per transaction, which post offices get from the government for the e-stamping.

The department in association with SHCIL, is implementing e-stamping to put an end to illegal benami registrations and for plugging revenue leaks. The post offices have expressed interest and are waiting for a final approval by the state finance department.

Links to Refer:

Property Registration at post office

Tags: Apartment, apartment buy-sell, Bangalore, guidelines, Housing, indian real estate, market trend, property, Property Registration, Real Estate India, Stamp duty, Tips

This entry was posted on Monday, September 14th, 2009 at 6:17 am and is filed under Bangalore. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.