Collector rates in Mohali’s new sectors increases 9501031800

Collector Rate List Mohali 2022 for new sector 9501031800

Mohali administration has increased the collector rates. The collector rates have been increased on residential, commercial and industrial properties in Mohali. The new collector rates will be coming into force with immediate effect.

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Stamp duty and registration fee are based on the transaction value, i.e., sale consideration. The consideration amount is equal to the deal value, or the actual total value of funds, involved in any purchase/ sale transaction agreed to between the buyer and seller of the property and entered in the sale deed or the Collector rate (otherwise known as circle rate or guidance value or guideline value), whichever is higher.

The respective District Administrations fix such a standard rate for land and other properties. Such fixation is done in the interest of due revenue to the Government and to prohibit the unscrupulous elements, downsizing the value for registration only, to reduce their stamp duty burden.
Normally, a property may not be registered at a value lesser than that circle rate. Even if a property is intended to be registered at a value lower than the prevailing guideline value, the stamp duty will have to be paid on the guidance value only. However, if the transaction value is higher than the guidance value, the stamp duty will have to be paid only based on the deal value and not at the guidance value.

In the State of Punjab, for a property in Punjab, a portion of the overall stamp duty collected is allocated for infrastructure developmental activities in the urban areas of the State as follows:
1% towards Social Infrastructure Cess (SIC) for funding the schemes of water supply and environment improvement and another 1% for Punjab Infrastructure Development Board.
To garner funds for such developmental activities in Punjab, the Resource Mobilisation Committee of the State Government has increased the stamp duty by 1% by reintroducing the social security cess on registration of sale documents in urban areas in the State.
Further, a registration fee of 1% subject to a maximum of Rs.2,00,000 is also payable. This registration fee is gender-neutral, i.e., irrespective of whether it is the man or woman in whose name the property is registered, a 1% fee has to be paid. Also, it is irrespective of the location, whether urban or rural, i.e., it is 1% throughout the Punjab State for a Property in Punjab.
Whether the transaction is an outright sale or even a gift, the above rates are squarely applicable.
Besides the above duty and fee, facilitation charges have to be paid to the government as per the following slabs:
Rs.1000, for consideration value up to Rs.10,00,000
Rs.3000. for consideration value between Rs.10,00,001 to Rs.30,00,000 and
Rs.5000 for consideration value is above Rs.30,00,000.

It is a boon to the residents of Punjab, i.e., where an owner of immovable property, during his lifetime, registers a transfer of such property to his blood relations, i.e., spouse, father, mother, son, daughter, grandson, granddaughter, including brother and sister also (which was earlier dutiable), stamp duty in whole, payable on the instruments of such transfer is exempted. [vide Order dated 7th May 2014 of the Department of Revenue Rehabilitation And Disaster Management (Stamp And Registration Branch)] Neither cess is payable. It is in the form of a gift deed. However, facilitation of charges of Rs.500 has to be paid.

In addition to all the above, a Pasting Fee of Rs. 200 will be applicable for all the documents, whether it is a sale deed or gift deed or mortgage deed of Power of Attorney or its cancellation.
In case of mutual exchange of property among the family members, the charges payable by the executors will be Rs. 900 as stamp duty, consisting of Rs. 300 as mutation charges, Rs. 500 as facilitation fee, and Rs. 100 as a pasting fee. This meager charge of Rs.900 is irrespective of the value or location of the property – whether it is 1 Marla (25 square yards) or 100 acres.

Suppose a property acquired by a woman with concessional stamp duty is transferred to a male relative within a year. In that case, the government will take back or recover the 2% rebate given to the woman at the time of registration of the property.

No duty/ registration shall be payable for property in Punjab when an instrument is executed for purchase of land to set up a PEDA (Punjab Energy Development Authority) project, under the NRSE (New and Renewable Sources of Energy) Policy, 2012 by or in favor of any person/ company/ firm/ society.