Yes, the rates of stamp duty have fallen considerably. Not just for sale deeds, but also for gift deeds and mortgage agreements. The development or construction agreement is only 0.5% now, and the mortgage with possession agreement is 2% instead of 5% of the market value. Gift deeds are 1% in favor of relatives and 4% in favor of others. You must keep in mind that the different stamp duty rates are chargeable on the market value of the property and not on the actual price of the property.
Hey Ramesh, the Andhra Pradesh government has reduced the stamp duty. Earlier it used to be 5% but now it has been reduced to 4% of the market value in a bid to increase the revenue generated via real estate. People were simply avoiding paying the stamp duty earlier because of its higher rates. The 4% charge is for sale agreement with possession. For a sale agreement without possession, the stamp duty has been drastically reduced from 5% to a meager 0.5% of the market value of property.