The Hindu : Front Page : Registration charges to go up for urban properties

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Sunday, Jan 28, 2007
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Registration charges to go up for urban properties

M. Malleswara Rao

5 to 10 per cent increase in nine municipal corporation areas likely from February 1

HYDERABAD: Market values of the urban properties --both land and buildings --will go up by 5 to 10 per cent in nine municipal corporations of the State from February 1.

As the market value is the basis for computation of the registration charge, all transfers of properties in these corporations will cost more from next month. The corporation areas are: Hyderabad, urban areas in Ranga Reddy, Visakhapatnam, Vijayawada, Warangal, Guntur, Tirupati, Rajahumundry and Kakinada.

The rate of registration fee in these corporations, will, however, remain at 0.5 per cent as also the stamp duty (6 per cent) and transfer fee (3 per cent), that is a total of 9.5 per cent.

Lal Rosem, Inpector-General, Stamps & Registration, told The Hindu here on Saturday that in line with the existing guidelines, land values had to be increased in all the urban areas twice annually so that they would reflect to some extent the trends in the open market which had gone up phenomenally. The Government would shortly issue a notification giving effect to the revision, he added.

Mr. Rosem said the values of the properties in the rural areas, which too would have to be revised but once in two years as required by the guidelines, would be revised from April 1.

The upward revision in the market values is expected to be a dampener for middle-class families planning to purchase properties in these corporations. Also, the Government will have to shell down heavy amounts towards compensation while acquiring lands for industries and other ventures, especially in Ranga Reddy district.

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