New Delhi: In what could benefit thousands of property buyers and sellers, the Delhi high court has allowed registration of properties below circle rate as per a report in the Times of India.
Circle rate is the minimum value at which the sale or transfer a residential or a commercial property can take place.
The High court relying on “provisions of the Indian Stamp Act to revive discretionary powers vested with the state government under Section 47A to register sale of property below the local circle rate” the TOI said.
The court said, if property owners can convince the Collector of Stamps why their asset should be valued below the circle rate of the area, they can register their property at the rate prescribed below the circle rate.
Sometimes, the property, which is disputed or has a bad locality, carry low valuation. Holders of such properties can cite these reasons before Collector of Stamps.