HYDERABAD: Market value of all properties in municipal corporations, municipalities and gram panchayats located near the national and the State highways and industries have been increased for registration purposes with effect from July 1.

The revision of rates will be based on the recommendations made by the respective Market Value Committees headed by the Joint Collectors after conducting surveys. The revised rates will be available at all the 387 sub-registrar offices in the State. The upward revision of market value, however, will not place additional burden while registering properties since the stamp and transfer duties have already been reduced simultaneously.

Stamp duty down

The stamp duty and transfer duty have been brought down to seven per cent and two per cent on an average covering categories of documents from eight per cent and five per cent earlier respectively.

With registration fee being retained at 0.5 per cent, the overall registration charges have now come down from 13.5 to 9.5 per cent. This is in line with the Centre's guidelines for introducing uniform rates in the country to encourage registrations and avoid illegal transactions.

At a press conference here on Friday, the Revenue Minister, D. Prasada Rao, and the Special Chief Secretary (Revenue), N. S. Hariharan, justified the hike in market value, saying that it was restricted to 75 per cent of the prevailing values. The District Collectors would rectify if there were any discrepancies.

The Minister insisted that the Government had increased the market value not merely to raise revenue, which might go up to Rs. 2,000 crores compared to Rs. 1,888 crores last year. He said the market value revision in Secunderabad Cantonment would be implemented after fulfilling necessary formalities with the Government of India.

Mr. Hariharan said the middle classes who were seeking to buy flats would not be affected since the increase in market value was more only in areas like Jubilee Hills in Hyderabad and was less in the Old City.

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