Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
In a recent legislative manoeuvre, the Himachal Pradesh Assembly approved the Indian Stamp (Himachal Pradesh Amendment) Bill, 2023, despite encountering significant opposition from the BJP. The bill introduced significant changes to the existing property registration fees, ushering in a new era of financial obligations for residents. Under the amended legislation, women will now be subject to a 4 percent registration fee when dealing with properties valued at Rs 80 lakh or less. Should the property's worth exceed this threshold, an 8 percent fee will apply. Conversely, for all other individuals, a 6 percent registration fee will be levied for properties worth up to Rs 50 lakh, with an 8 percent charge for values exceeding this limit.
It's a noteworthy adjustment, as stamp duty in Himachal Pradesh has remained unchanged for an astonishing decade. The bill, championed by Revenue Minister Jagat Singh Negi, was deftly tabled on last week, only to receive approval from the House during Saturday's deliberations. Notably, the government graciously embraced a recommendation from the BJP, extending the property registration limit for women from Rs 50 lakh to Rs 80 lakh. However, when Chief Minister Sukhvinder Singh Sukhu proposed a series of additional amendments, tempers flared, leading to a temporary adjournment for a lunchtime respite. Upon reconvening, the House became embroiled in heated debates over the proposed changes.
Sukhu expressed regret that the BJP chose to walk out, even after the government had incorporated their input. The opposition eventually returned, but the lingering tension was palpable. Minister Jagat Singh Negi stressed the urgency of the situation, highlighting that the state carries an enormous debt of Rs 75,000 crore. He asserted the need for stringent measures to bolster resources, emphasizing that a continued reliance on borrowing is unsustainable. Negi also pointed out that aligning the stamp fee with neighbouring Haryana's rates is a prudent fiscal move.
Chief Minister Sukhu echoed this sentiment, citing the past ten months of substantial land transactions under the power of attorney and the government's commitment to women's welfare through the 4 percent property registration fee for properties up to Rs 80 lakh, while expressing disappointment in the BJP's walkout.
During the bill's deliberations, BJP MLA Randhir Sharma voiced his concerns, warning that the increased stamp duty would bear heavily on the state's residents. He lamented that land registration fees had surged from 4-6 percent to a hefty 8 percent for properties surpassing Rs 50 lakh. Instead of fulfilling the promised Rs 1,500 monthly stipend for women, he perceived the government as burdening them with increased registration costs. MLA Trilok Jamwal contended that the overall fee hike amounted to an overwhelming 100 percent, a load many citizens couldn't endure. Opposition leader Jai Ram Thakur suggested that while a modest increase of up to 5 percent might be acceptable, the current hike was excessive, particularly considering the dwindling income sources for the public, and urged the government to reconsider its decision.
This legislative development serves as a noteworthy testament to the intricate interplay of economic policy, fiscal exigency, and gender considerations within the tapestry of governance. The Himachal Pradesh Assembly's determination to address these complex issues underscores its commitment to serving the interests of its constituents while navigating the challenges of the contemporary era.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
