This will enable people to register documents without approaching lawyers or middlemen for drafting them
To ensure ease of doing business, the registration of sale and purchase, leave and license and lease may become easier with the state government planning to come out with draft model agreements for these property related transactions. This will enable people to register documents without approaching lawyers or middlemen for drafting them.
"At present, documents for sale and purchase, mortgage, conveyance and development agreements are voluminous and run into a huge number of pages. We are planning to come out with model agreements which will enable people to register their transactions by just filling in the relevant information. Any other details can be filed as an annexure," said a senior official from the state revenue department.
"The sub-registrars have to examine these documents in detail before registration as they have to identify any increase in the value of the property and if any benefit is being passed on than has been declared. The stamp duty has to be paid accordingly. This becomes difficult when these documents run into hundreds of pages…. the official can also get into trouble if any discrepancies are thrown up in an audit," he explained, adding that this would do away with the need for people to approach middlemen for drafting these papers.
The official said they planned to amend the Registration Act, 1908, and send it to the Centre for approval.
Stamp duty and registration charges are the second-highest revenue source for the Maharashtra government after state goods and services tax (SGST). A hike in the ready reckoner rates has ensured a rise in the revenues through stamp duty and registration fees, with Rs 13,711 crore being collected by October-end, compared to the lower Rs 11,854 for the same period last year.
This year's collections form 66% of the annual target of Rs 21,000 crore for 2017-18. Mumbai's share of the total target is Rs 5,476 crore. In 2016-17, the collections were at a lower Rs 21,026 crore compared to the Rs 23,548 crore achievement. In the 2015-16, the achievement was Rs 21,657 crore.
In 2016-17, a total of 20.46 lakh registrations were logged in, which was lower than the 23 lakh in the previous fiscal. This was largely due to the demonetization of high-value currency notes on November 8, 2016. By October-end, the total number of documents registered was around 12,54,075 which is marginally lower than the 12,88,527 registered in the same period last year.
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