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Published & Updated as on -
2010-04-10
The
Andhra government has increased the market value of land and buildings across
all municipalities, corporations and special grade municipalities by 10 to 20
per cent. Registration charges will correspondingly move up to to the higher
property value. Registration charges stand at 9.5 per cent, including a stamp
duty of 7 per cent of the market value, transfer duty of 2 per cent and
registration fee of 0.5 per cent.
The
market value of land in Hyderabad, Secunderabad and adjoining Ranga Reddy
districts has been increased by 20 per cent, the highest in the state. Even so,
the revised value falls well short of prevailing market rates. For example
while land costs Rs. 14 crore an acre in Kokapet, Ranga Reddy district, the
revised value is still only at Rs. 40 lakhs an acre. In other areas of the
state the increase in value has been moderate while in Tirupati, the increase
has been marginal.
The values are likely to be revised again
in six months and in rural areas next year.
Builders in the
state have urged the government to roll back the hike in land registration
charges concerned about the impact of this move on consumer demand especially
given the recent increase in home loan rates.
Source:
Inrnews
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