The Hindu : Front Page : Registration charges go up again

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Saturday, Feb 02, 2008
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Registration charges go up again

Special Correspondent

Buyers of lands, buildings in all cities will have to shell down more money

HYDERABAD: Purchasers of lands and buildings in the limits of eight municipal corporations in the State will have to shell down more money to the Government towards registration charges.

This follows enhancement of market values of properties by rates ranging up to 50 per cent with effect from Friday (February 1). The corporations are Greater Hyderabad, Visakhapatnam, Vijayawada, Guntur, Rajahmundry, Kakinada, Tirupati and Warangal.

It is on the market values of properties that registration offices collect stamp duty at 6-7 per cent, transfer duty (2-3 per cent) and registration fee (0.5 per cent). A Revenue official said the decision to increase the market value had been taken in line with the existing guidelines that stipulate their upward revision in cities every six months. The market values were last increased in August.

These guidelines provided for increase in market values of properties in rural areas once in two years. As such, they are due for a hike with effect from April 1, 2009.

No negative impact

The present revision in market value of properties will not have any negative impact on owners of houses/plots seeking regularisation of illegal structures/layouts under the Compulsory Disclosure Scheme as announced by the Government on Thursday. The penalty for regularisation has been fixed on the basis of market values of properties as prevailing on January 1, 2008.

The hike in market values is the highest in the recent past and is seen as an effort to shore up resources to meet its heavy commitments towards Jalayagnam and Indiramma. A higher revenue target of Rs. 5,000 crore has been fixed for Stamps & Registration Department for next fiscal.

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