Report on Commercial Rental Market

A report was released on Tuesday according to which Indian realty sector might face problem of plenty with office rental space. A further drop in rentals is also expected. As per the report presented by Jones Lang Lasalle Meghraj(JLLM) and Confederation of Indian Industry (CII), the vacancy level in India will increase from 17.2% in 2009 to 20% by the end of 2010.
The report stated that during the first quarter of 2010, most Indian cities have experienced an upward movement in the volume of lease transactions. There have been recorded around a million sq. ft. of leases in each of the cities; Delhi, Hyderabad and Mumbai.
For the future, the report predicts that within the next three quarters, most micro markets are expected to reach their rental lows. This implies that even after balance of power favors the occupiers, the opportunity for then is diminishing with every passing quarter.
The report “The Seven Stars of India India’s best performing micro markets for occupiers” gives the prediction about real estate rental market in cities like Mumbai, Delhi, Bangalore, Chennai, Kolkata, Pune and Hyderabad.

Revision in Property Registration Fee

After a long gap of 45 years, finally this Monday, Delhi cabinet approved the proposal of increasing the registration fee of property in the city. It is expected that through this revision, the revenue collection will be increased from Rs 1.5 cr. per year to Rs 100 cr.

This revised fee is as follows-

  • 1% of the stated value or the circle rate whichever is higher up to a fee of Rs 50,000 will be charged for registering sale deed, conveyance deed, gift deed etc in case of immovable property.
  • Rs. 1000 will be charged if the value of property is not mentioned.
  • In case of immovable property, Rs 1,000 is the fee for registration of lease.
  • Registration of wills will be done at Rs. 500.
  • Rs. 1000 per document will be the cost of miscellaneous registration of documents.
  • Rs. 10 per page will be the cost of copies of registered documents.
  • Rs. 50 will be charged for filling the translation.