Kiran gives green signal for enhancement from April 1
Registration charges payable at sub-registrar’s offices in the State on purchase of properties will go up in rural as well as urban areas from April 1.
The registration charges are being raised in tune with the increase in the market value of properties in the State from the beginning of the next fiscal. It is on the market value of the property that stamp duty, transfer duty and registration fee are collected at certain percentage.
Chief Minister N. Kiran Kumar Reddy gave the green signal for enhancement of market value from April 1, while reviewing a long-pending proposal here on Saturday along with Stamps & Registration Minister Thota Narasimham.
Mr. Narasimham told reporters later that as per the Central guidelines, the government should enhance the market value of properties -- lands or buildings/flats -- once in two years in rural areas and yearly in urban areas. However, it kept these rates static since 2011 in order to avoid any additional burden on the people.
Fresh estimates of the increase in market value had been prepared four months ago but the government kept the implementation in cold storage this time too.
He said the enhancement of market value had become inevitable as real estate values had gone up everywhere.
Mr. Kiran Reddy issued instructions to rationalise the rates by reducing them in the areas where they were very high and enhance them where they were too low.
The Minister said the area-specific new rates estimated for properties would be displayed on notice-boards of the sub-registrar office and the relevant website for a month from now, inviting objections from public.
Finally, the revision of the market value, after adjustments following public objections, would be implemented from April 1.
Mr Narasimham said the department had earned a revenue of Rs.4,500 crore till December 31 against the target of Rs.6,665 crore fixed for the 2012-13.
The shortfall would be made up as there were still three months to go for the current fiscal.
Charges being raised in tune with the increase in the market value ‘Values should be enhaned once in two years in rural areas and yearly in urban areas’
Charges being raised in tune with the increase in the market value
‘Values should be enhaned once in two years in rural areas and yearly in urban areas’