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Registration charges to go up in 9 cities
Posted by Srini Uppala | December 20, 2007 | 404 views
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Loading ...Market values of lands and other properties will be increased by 15 to 20 per cent in Hyderabad and eight other cities in the State with effect from April 1 for purposes of registration.
Consequently, the registration charges payable on purchase and transfer of lands/ properties in these cities will also go up. Apart from the State capital, the other cities are Visakhapatnam, Vijayawada, Rajahmundry, Kakinada, Guntur, Warangal, Tirupati and urban areas in Ranga Reddy district skirting Hyderabad.
Mopping up resources
Once the market values are revised, the cost of registering properties may become prohibitive. The Government, however, is hoping to mop up funds in view of the property boom in urban areas across the State. The decision is seen as an effort by the Government to shore up its resources to meet the huge financial commitments for irrigation projects, housing programme and several welfare schemes.
S. K. Sinha, Commissioner and Inspector-General, Registration & Stamps, told this correspondent here on Thursday that the Government had taken a decision to revise the market values of lands and properties in these urban areas in line with the existing guidelines. These guidelines stipulated a hike once in every six months in urban areas.
The market values for these cities were last raised on August 1 this year and they were due for a fresh hike from April 1. In contrast, market values for lands/properties in rural areas are revised once in two years and they were due for hike only in April 2009.
Stamp duty
At present, stamp duty is collected at 6-7 per cent of the market value, depending on the area, transfer duty at 2-3 per cent and registration fee at 0.5 per cent. However, in case of flats, the stamp duty collected is only 5 per cent.
SOURCES:
The Hindu
Topics: Property Matters, Govt In Action, Real Estate |
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