Major revision in stamp duty rates in Jammu division on cards

JAMMU, DEC 13: The Divisional Valuation Board of Jammu is all set to revise the stamp duty rates in the region with wffect from Ist January, 2022.

The board will analyze the circle rates of land/ market values proposed by the District Valuation Committees and grant the final approval so as to notify the market value guidelines for different areas such as general value of house sites, type and structure of buildings, classification of land, stamp duty rates etc the meeting decided, Ziraat Times has learnt.

Doda district may witness the highest increase in the property value among all the districts.

This was informed during a meeting of the Divisional Valuation Board today chaired by Divisional Commissioner Jammu, Dr Raghav Langer who is also the chairman of Board.

The meeting was attended by Chief Conservator Forest, Jammu; ADC, Jammu; Additional Inspector General of Registration; Director Land Record Jammu; Chief Town Planner Jammu and other concerned Officers besides Deputy Commissioners, Kathua; Samba; Udhampur; Reasi Kishtwar; Doda; Rajouri; Poonch; Ramban were participated in the meeting through Video Conferencing.

It  was informed that the preparation and revision of Market value guidelines as per SRO 303 2011 and SRO 221 of 2018 by the Finance Department have been initiated.

While reviewing the district wise revision of Stamp Duty rates, Deputy Commissioner Doda informed the meeting that the district administration has proposed increase of value over the current year; of residential plots from 33.3% to 73.16% and Commercial plots from 52.38% to 163.74% in urban area, while in rural areas it is average 10%to 40 %.

Deputy Commissioner, Rajouri informed that in urban areas the proposed increase in value of residential plots is 5 to 6% and Commercial plots is 6 to 7.5%.

For district Udhampur, the proposed increase in value of residential plots is 2% and no increase in Commercial plots, while in rural areas it is an overall increase of 5 to 8% across all types of land. For District Kishtwar, the increase in value of land in Urban and Rural areas is roughly 3%.

In district Ramban, the value of all urban land is 10% and in rural areas it is 5%. Increase of residential value as well as commercial plots is 5% and in rural areas it is 7 to 30%, was informed in the meeting.

For Poonch urban areas, the proposed increase value is 11 to 14 % and rural area is 3 to 34 %, the Chair was informed by Deputy Commissioner, Poonch.

The proposed value of residential as well as commercial buildings in Reasi is proposed to be hiked upto 4 to 5% and in the rural areas upto 6 to 36%, was informed by Deputy Commissioner Reasi.

The Divisional Commissioner directed all the officers for personally reviewing the process of Market valuation to finalize the stamp duty rates for the year 2022 of Jammu division.

He also directed for correction of aberration or mismatch in previous rate schedule and clearance of variations in any area and including those areas in the upcoming year rate list, which were left out or missing in previous list while preparation of market value and stamp duty rates. All DCs were directed to seek details of such villages/urban pockets wherein maximum sale deeds/conveyance deeds have been registered by the Sub-Registrars in the current calendar year esp near to infrastructure projects, major highways and growth corridors.

He also enquired from the district officers about land acquisition awards under old & new act, multiplication rate and other financial values.

Dr Langer further asked the concerned to re-visit the rate list of proposed market value and compare with previous three year for various categories of land as per the facilities available like important road networks, other amenities, facilities of irrigation in terms of agricultural land, mega projects in the area etc.