A sweeping change hits Bihar’s property market today as new registration rules demand PAN cards for all deals valued at 10 lakhs and above. Issued by the Prohibition, Excise, and Registration Department, the order seeks to illuminate opaque transactions and foil revenue leaks.
Sub-registrars received directives from Deputy IG Sanjay Kumar to apply the rule universally, dropping the old 30 lakh bar. Rural farmland, urban flats—nothing escapes. Purnia Sub-Registrar Uma Shankar Mishra reports full rollout, with public displays warning defaulters: no PAN or Form 60/61, no deed.
The Income Tax Department flagged rampant anonymity in 10-30 lakh sales, where buyers and sellers ghosted tax radars despite frequent trades. This reform plugs that gap, forging ironclad records against money laundering.
Over 50 lakhs? Expect 1% TDS deduction, ballooning to 20% if ignored. Everyday buyers gain the most, shielded from fraud via verified histories. As Bihar modernizes its registry system, expect surging collections and a purge of illicit dealings, fostering trust in one of India’s hottest property frontiers.