Stamp duty in Hyderabad for land registration to increase
On January 5, 2013, the proposal to increase market land value for registration of properties was accepted by the Chief Minister. Currently the stamp duty charges in Hyderabad is 7.5 percent for both female and male property buyers.
Like other metros, the registration charge in Hyderabad is one percent of the total value of the property. But after a review meeting, Chief Minister asked stamps and registration (S and R) department to reduce the registration charges including transfer of duty with complete transparency.
This calculation will be done with the proposed market value rates which will be published in public domain. This is for the first time that suggestions would be invited form the public for around one month. But the directions of the Central government would denote major change.
According to the officials, the quantum of stamp duty and registration fee is the basis to decide land value. The stamp duty charges were not revised for a long time in Hyderabad city. The last revision was done on August 1, 2010 in both urban and rural areas. It is because in some areas the land value remained stagnant, in some areas it increased while there were other areas which showed negative growth.
The revision proposal of stamp and registration department was already prepared in July, 2011 but it was kept on hold in view of the hike in encumbrance, marriage certificate, gift deed and other services.
In the year 2011-2012, the stamps and registration department earned 98 percent of their gross revenue target. These earnings were also 14.6 percent more than the earnings of previous financial year 2010-2011.
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