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Ranchi's district registration office saw a sudden spike in land registrations this past week, as homebuyers and investors rushed to complete their paperwork before the nearly 10% hike in circle rates came into effect. The increase will impact all 53 municipal wards and 13 surrounding mouzas, leading to a direct rise in stamp duty and registration charges. A total of 1,523 properties were registered in July almost double the average monthly count. The hike affects both residential and commercial land valuations, prompting a last-minute rush among buyers.
Land buyers in Ranchi turned up in large numbers at the district registry office this past week, trying to finish their registrations just before new circle rates were notified. The revised rates, which came into effect the following day, have gone up by nearly 10%, increasing the government-defined base rate used to calculate stamp duty and registration fees. Advertisement
Sub-registrar Vaibhav Mani Tripathi confirmed that 1,523 properties were registered in July, significantly higher than the average number of monthly registrations. This sudden spike was mainly due to buyers wanting to avoid paying more under the new valuation.
The revised circle rates will apply across all 53 municipal wards and 13 surrounding mouzas. Most areas have seen an 8% to 10% hike, while several wards, including 1, 2, 3, 6, 11, 13, 14, 16 to 18, and 21 to 23, have seen increases of up to 12%. Buyers now have to pay 4% as stamp duty and 3% as court fees, both calculated on the revised government rates.
Many buyers at the registry office said they couldn't afford the increased charges if they delayed. One of them mentioned taking leave from work and waiting in line for hours to complete the transaction. Another buyer shared that even a day's delay would have added INR 30,000 to INR 40,000 in extra costs.
This revision in circle rates is part of a regular update, usually carried out every two years, to reflect current market values more accurately. Since circle rates often remain lower than market rates, any revision brings declared transaction values closer to actual sale prices, affecting registration costs.
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