Buyers in all cities will have to shell down heavy money
Hyderabad, February 1, 2008
Buyers of lands and buildings in the limits of eight municipal corporations across the State have to shell down more money to the Government towards registration charges. This follows enhancement of market values of properties by rates ranging upto 50 percent with effect from February 1, 2008. The Corporations are Greater Hyderabad, Visakhapatnam, Vijayawada, Guntur, Rajahmundry, Kakinada, Tirupati and Warangal.
It is on the market value of the properties that registration offices collect stamp duty at six to seven percent, transfer duty two to three percent and registration fee of 0.5 percent. According to a revenue official said that 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 hike in the 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 and Registration Department for the next financial year.
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