Circle rates reduction postponed
UP stamp and registration department has deferred the proposal about a reduction in circle rates. Officials cited that with general elections round the corner, the code of conduct could be implemented anytime and thus, the proposal cannot be implemented soon. Also, the newly-appointed district magistrate needs to study the proposal in detail before allowing the reduction.
A senior official of UP stamp and registration department said on this, “The new district magistrate, AV Rajamouli, so far has not entertained the proposal.” He further added that the department is committed to slashing the rates to facilitate buyers and also achieve their target revenue, but this, however, would be done only after Lok Sabha polls.
Giving details on the process of circle rates revision, the official said that the district unit of UP stamp and registry department sends a proposal to the district magistrate and after his approval, the proposal is sent forth for final decision and implementation to their headquarters.
The stamps department had announced on February 18 that there would be a reduction in circle rates as they had not been able to meet their target revenue. However, the proposal was limited to slashing rates of cooperative group housing societies by not charging them extra for facilities. The department had also proposed rates reduction by 10 percent in the commercial category.
The target revenue for Gautam Budh Nagar for financial year 2013-14 is Rs 1,536.60 crore. However, till January, the department could only manage to earn Rs 1,083 crore.
Source: The Times of India
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