Registration made compulsory
Registration of immovable property is now compulsory. Union Cabinet decision on this is firm.
This will ensure legal transfer or sale of immovable properties, also the area restriction is a compulsion.
Earlier registration could be done at Mumbai, Chennai, Calcutta or Delhi depending upon which of the places has a lower rate for registration.
This resulted is loss of revenue to the state.
Registration Act, Transfer of Property Act and the Indian Stamp act are also to be amended.
A legislation to this effect is soon to be brought to the next parliament session.
The Indian Stamp Act is to levy a certain percentage on stamp duty for contracts.
The registration for property is 1 % or Rs. 10,000/- which ever is higher.
All and all this move by Union Cabinet will definitely curb the illegal / forced registration in the future.