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Monday, July 16, 2001



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Call to amend stamp duty regulations

Our Bureau

MUMBAI, July 15

THE HDFC Chairman, Mr Deepak Parekh, has called for amendments to the stamp duty regulations in Mumbai.

Speaking at a Workshop on `Reforms in the Housing and Urban Development Sector' organised by the FICCI in Mumbai, Mr Parekh said, ``the registrations under the Urban Land Ceiling Act is totally unnecessary and should not be imposed. Also, registrations f or the `Leave and License' agreements should be done away with as it is only a short-term agreement.''

``Refund of stamp duties is often not paid to the person and subsequently, he has to go through a lot of hassles to get the money refunded. A more customer-friendly approach is required,'' he said.

Also there is an urgent need to increase the number of registration offices especially in a city such as Mumbai, he said.

Replying to this, Dr Nitin Kareer, Inspector General of Registration, Government of Maharashtra, said that seven more offices would be set up in Mumbai by next year.

On ready recknor rates, Mr Parekh said that increasingly high valuations of ready recknor had posed a problem as they were inflated in comparison to the actual market valuation of the property. The government must also encourage the rent and lease transa ctions as it would help increase the volume of the real estate business, he added.

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