Skip to main content

Under-valued property can be registere HC

By
In a relief to those thinking of buying or selling properties in the capital, the Delhi High Court on Wednesday ruled that municipal corporation’s Registering Officer cannot refuse to register the sale or transfer deed, even if they are under-valued against the existing circle rates.
A bench of Chief Justice G Rohini and Justice RS Endlaw said the registering authority will then have to give an opportunity to the parties to revise the valuation in “consonance with the circle rates”.
However, in the event parties do not pay the deficient stamp duty or transfer duty in terms of the circle rates, the registering authority will forward the case to the Collector of Stamps for determination of the actual value.
“…the stamp duty paid on a transfer document need not always be in accordance with the prescribed circle rates and that if the valuation and stamp duty is below the circle rates the registering authority has to first register the document and refer it to the Collector for determination of the appropriate value/ stamp duty,” the HC said.
The HC order came on a bunch of PILs challenging the Delhi Stamp (Prevention of Under-Valuation of Instruments) Rules, 2007 and the revision of circle rates in 2011 and 2012.
One PIL, filed through advocate Anirudh Wadhwa, contended that the circle rate policy was ‘arbitrary, unreasonable and illegal’ as it prejudice an individual who owns or is looking to acquire immovable property in Delhi.
The PIL contended that in certain pockets of Delhi, the circle rates was unreasonably higher than the market value. In such cases, parties transacting in immovable properties are helpless and constrained to pay stamp duty on higher circle rate value of the property.
“Circle rates are guiding factors at best, and the judgment reinforces this. It will provide much needed relief to everyone who is looking to transact in property in Delhi,” Wadhwa told HT after the pronouncement of the judgment.
Hindustan Times, New Delhi, 24th Dec. 2015

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more