Stamp duty for land registration to go up - Real Estate India

??|?? January 6, 2013 ?? 01:43pm ??|Contributed by manoja

HYDERABAD: From April 1, 2013, people who register their properties with the stamps and registrations department have to cough up more charges. This is because chief minister N Kiran Kumar Reddy on Saturday cleared the proposal to increase market land value for registration of properties.

The chief minister also directed the stamps and registration department to reduce the registration charges including transfer of duty.

For the first time, the rationalization would be done by publishing the proposed market value rates in public domain by calling for suggestions and objections from the public for one month, the chief minister said.

Kiran Kumar Reddy, who held a review meeting with the stamps and registrations (S&R) department on Saturday, asked them to do the revision in a transparent manner, a press release said.

Officials informed that land value is generally decided based on the quantum of stamp duty and registration fee. The last revision in both the urban and rural areas was done on August 1, 2010.

However, for two consecutive years, the revision of properties was not taken up. According to officials, though land value has gone up in some areas, it remained stagnant in some areas while it declined in some other areas.

The state government had increased the fee for encumbrance, marriage certificate and other services of the registration and stamps department in August 2011. Though the S&R department had readied the proposals by July, 2011, the revision of land values was kept on hold in view of the hike in EC, marriage certificate, gift deed and other services.

The chief minister said the reduction in the cost of registration as per the directions of the Centre would be a major reform.

According to officials, in 2011-12, as against the gross revenue target of Rs 5,602.81 crore, the stamps and registrations department earned Rs 5,492.11 crore which was about 98.02% of the target. The figures also recorded a 14.60% growth over the previous year?s (2010-11) earning of Rs 4,428.25 crore.

http://timesofindia.indiatimes.com/city/hyderabad/Stamp-duty-for-land-registration-to-go-up/articleshow/17907573.cms

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