Wednesday, Jun 15, 2005
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M. Malleswara Rao
HYDERABAD: Registration charges in Andhra Pradesh will come down from July 1 to a uniform rate of 9.5 per cent of the market value of the property from the present level, which ranges up to 13.5 per cent in case of municipal corporations and 11.5 per cent in municipalities and panchayats.
The Government on Tuesday issued a set of orders giving effect to the crucial decision taken some time ago to avoid illegal land transactions and to increase registrations.
Simultaneously, the Government has set in motion the process of revising upwards the market values of properties in towns and cities but excluded the rural areas which would substantially benefit from the decision. Market value committees headed by the Joint Collectors would shortly recommend to the local bodies the revised rates for formal notification.
While the market value of flats and apartments, including semi-finished structures, may go up, the overall registration charges on them will fall to 7.5 per cent from 10.5-12 per cent now. This would be due to reduction of stamp duty from the present slab rate of 5 to 6.5 per cent to a fixed rate of 5 per cent and of transfer duty from 5 per cent to 2 per cent. However, the registration fee itself will remain at the 0.5 per cent.
The following are the new rates of stamp duty, transfer duty and registration fee which together make up for the 9.5 per cent registration charges with the old rates mentioned in brackets: municipal corporations: stamp duty 7 per cent (8 per cent), transfer duty 2 per cent (5 per cent), registration fee 0.5 per cent; special selection grade municipalities: stamp duty 7 per cent (7 per cent), transfer duty 2 per cent (5 per cent), registration fee 0.5 per cent; other municipalities and panchayats: stamp duty 6 per cent (6 per cent), transfer duty 3 per cent (5 per cent), registration fee 0.5 per cent.
In case of general power of attorney (GPA) documents, the stamp duty has been reduced from 5 per cent to a flat amount of Rs. 1,000 if the deed is in favour of family members and to 1 per cent in case of others.
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