The Bhagwant Mann-led government’s recent relief in stamp duties will benefit approximately 7,000 families living in cooperative societies in Mohali, local MLA Kulwant Singh announced during a press conference on Thursday. He added that any allottee or buyer who gets the registration of his or her property done up to January 31, will be required to pay only 1 percent stamp duty.

Local MLA Kulwant Singh said that property owners have been granted a complete exemption from SIC, PIDB, and SIDF charges. (HT File)

As per a notification issued by the state government on January 12, the property owners who complete their registrations between February 1-28 will have to pay stamp duty at the rate of 2 percent, while registrations carried out between March 1-31 will attract stamp duty at the rate of 3 percent.

“The relief in stamp duty is provided to subsequent purchasers of properties after the original allottees of housing cooperative societies and other cooperative societies registered under the Punjab Cooperative Societies Act, 1961, which allot immovable properties such as plots and flats to their members,” Singh said.

He added that, in addition to the reduced stamp duty, property owners have been granted a complete exemption from SIC, PIDB, and SIDF charges. However, the standard 1 percent registration fee remains applicable.

Singh also assured residents that he would petition the government to ensure that owners who purchase their stamp duty certificates and submit documents by January 31, still receive the 1 percent rate, even if administrative delays push the final registration past that date. Additionally, he said that if cooperative societies cause delays in issuing mandatory documents like NDCs or NOCs, the Punjab cooperation department would appoint special registrars to facilitate and expedite the registration process.