Monday, May 29, 2023

Demonetization hits registration of landed properties in Jamshedpur


Jamshedpur, Nov. 19: Registration of landed properties has been hit after the demonetization of Rs 500 and Rs 1000 notes from November 8 .

According to information, the people are not able to get their residential flats or land registered with the Sub-registry office in Jamshedpur due to shortage of cash.

Due to this, those willing to get their residential flats and other landed properties registered running from one ATM to another for the necessary amount for meeting the registration fee which are accepted only in cash.

One has to incur seven percent of the total cost of the landed property for getting it registered.Of the seven percent, four percent is charged for the non-judicial stamp paper and three percent of the of the total value as registration fee.

A retired employee of Tata Steel who has a three two-bed room flat at Ghorabandha wanted to get it registered, but due to lack of adequate cash in hand, the work of registration has now delayed.

“We have no choice but to wait for the availability of cash. I was about to go to the Jamshedpur sub-registry office on November 9. I had collected the necessary non-judicial stamp paper worth Rs 70,000 and had kept Rs 60,000 cash ready.

But on reaching at the sub-registry office on November 9 carrying the cash, but I had to return disappointed as the official in the sub-registry office refuge to accept the currency notes of Rs 500 and Rs 1000 denomination,” said the former employee.

The retired employee said that now he was no option than wait for adequate currency notes of Rs 2000 and R 100 notes so as to pay the registration fee.

East Singhbhum district, Land Requisition Deputy Collector (LRDC), Manoj Kumar Ranjan, who is also in charge as sub-registrar confirmed about the fall in registration process.

“Earlier on an average 25 registration would be done at the Jamshedpur sub-registry officer every day, but after November 8, only eight registration on the average is being done, that too of very small amount. The demonetisation of Rs 500 and Rs 1000 currency has hit the registration process,” said Ranjan .

Another person, Malati Tudu of Jugsalai is also facing trouble situation. There are several people who are waiting for getting adequate cash in hand for getting their landed properties registered after the higher valued notes were banned.


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