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Property Registration To cost dear in UP, Relief to commercial property owners

 2015-11-09 14:02:37.0

Home-loanTahlka News Bureau

Lucknow : Purchasing property in Uttar Pradesh will cost dear from now. The UP cabinet in its meeting, chaired by the Chief Minister Akhilesh Yadav on Monday cleared the proposal of increasing property registration fees from Rs 10000 to Rs 20000. The cabinet, however, has given some respite to those buying or selling commercial properties. The valuation of commercial properties will now be done on the basis of the current DM circle rates. Earlier it was valued on the formula based on the monthly rental of the property.

In another decision the cabinet has decided to table the amendments in the Revenue Code Bill in the coming assembly session. As per the amendment it would now become easy for the dalit lease holders of property to become owners.

The state cabinet has exempted generators and pumping sets run by biogas from VAT. It has also decided that the provisions of the Food Security Act will be implemented in the entire state from next year. As per the provisions 75 per cent of the population of the state would get food rgains at cheaper rates.

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