Property registration charges revised in AP
Now, the residents will have to cough up higher registration charges for buying or selling their properties after April 1, 2013. It is applicable for both rural and urban areas.
The proposal also invited public objections but only few objections were received due to lack of publicity. The new market values are being displayed at all the 432 sub-registrar offices.
The stamp duty has been reduced from 5 percent to 4 percent and registration fee has been retained at 0.5 percent. Following table gives complete detail of stamp duty, transfer duty and registration fee for both urban and rural areas.
|Registration charges components||Now||After April 1, 2013||Percentage- Hike/reduction|
|Stamp duty for urban and rural areas||5.00%||4.00%||1.00%|
The reductions are done according to the Central guidelines to encourage maximum property registrations in the country. But, these changes will not reduce the burden of masses caused by hike in market values.
Apart from land, the apartment prices have also been revised. As per official sources, the apartment rates have been revised between 20 percent and 80 percent while land rates have been revised between 20 percent and 50 percent.
For instance, in Jubilee Hills, the market value has been revised to Rs 45,000 per sq yd from Rs 40,000 per sq yard while in Prashasan Nagar, Nandagiri Hills and MLA Colony, the market value has been revised to Rs 31,000 per sq yard from Rs 25,000 per sq yard.
The prices of apartments in Madhapur has been proposed to increase from Rs 1,000-Rs 1,500 per sq ft to Rs 2,000-Rs 3,000 per sq ft. While the land rates has been proposed to enhance from Rs 10,000-Rs 12,000 per sq yd to Rs 20,000 per sq yd in residential colonies and Rs 30,000 on main road.
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