The market value of lands and buildings for the purpose of registration is being increased by 10 to 20 per cent in all the urban agglomerations of the State from August 1 2006. The revised values will cover all special grade municipalities, municipal councils and corporations.

The Government had some time ago reduced the cost of registering properties to 9.5 per cent by pegging the stamp duty at 7 per cent of the market value, transfer duty at 2 per cent and registration fee at 0.5 per cent in tune with the national policy. While these rates remain unchanged, the basic rate will now increase following the hike in the value of properties.

Lal Rosem, Inspector-General, Stamps & Registration, told The Hindu that the market value of lands in Ranga Reddy district adjoining the State capital were being increased by 20 per cent, the highest in the State. “Even then, the revision falls short of the original plan to revise the market value to 70 per cent of the actual rate,” he added.

Mr. Rosem said the values would be revised again after six months in urban agglomerations in line with the decision taken by the Government. “But, this will be subject to a review of the ground level realities. The revision in rural areas is due next year,” he added.

Source:
www.hindu.com Tuesday, Aug 01, 2006