The Hindu : Front Page : Stamp duty waiver on flats registration till year-end

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Sunday, Oct 25, 2009
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Stamp duty waiver on flats registration till year-end

Special Correspondent

HYDERABAD: The existing waiver on payment of stamp duty on registration in urban agglomerations of Hyderabad, Visakhapatnam, Vijayawada, Tirupati and Warangal will continue till December 31, 2009. A decision for its continuance was taken by Chief Minister K. Rosaiah at a meeting here on Monday to revive real estate activity which is going through a slump following global slowdown.

Purchasers will need to pay only transfer duty and registration fee to register apartments in urban areas at 2 per cent and 0.5 per cent respectively on the value of the property as of now. Registration authorities used to collect 7 per cent stamp duty before the waiver.

B. Aravind Reddy, Inspector-General, Stamps & Registration, later told this correspondent that the 7 per cent stamp duty, 2 per cent transfer duty and 0.5 per cent registration fee would, however, continue to be collected on all registrations in villages and on registration of other forms of properties in urban areas. The one per cent stamp duty concession for women purchasers would continue in urban and rural areas.

At the meeting earlier, Mr. Rosaiah asked officials to reduce the present 7 per cent stamp duty to 5 per cent by 2012 as directed by the Centre to get funds for projects worth Rs. 12,524 crore under JNNURM. He addressed a letter to Union Minister for Urban Development S. Jaipal Reddy giving a commitment that the reduction stipulated by the Centre would be achieved by 2012.

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