Stamp duty to be 7.5% against 6% in the past
Market values of different categories of lands are set for upward revision from July 22.
The State government said the Commissioner and Inspector General of Registration and Stamps had informed the government that exercise was taken up and completed by various committees instituted under the Telangana Revision of Market Value Guidelines Rules 1998 for revision of market values. The IG Registration and Stamps had requested the government to fix a date for implementation of new market values.
Accordingly, the government had given permission for revision of market values and the revised rates would be applicable on and from July 22, Chief Secretary Somesh Kumar said in the orders issued on Tuesday. The IG Registration and Stamps had been directed to take necessary further action into the matter.
The development follows a decision of the State Cabinet which met last week where it considered the proposal of the Registration and Stamps department which proposed revision in the registration charges as well as market values of lands. The registration charges as well as market values had remained constant in Telangana since its formation while other States including neighbouring Andhra Pradesh revised them several times.
Andhra Pradesh for instance effected revision for more than five times in the last seven years taking the total registration charges to 7.5%. The Cabinet sub-committee on Resource Mobilisation constituted under the chairmanship of Finance Minister T. Harish Rao recommended a hike of 1.5% in the registration values from 6% to 7.5% after studying the matter and a report was submitted to Chief Minister K. Chandrasekhar Rao in this direction.
The government had accordingly revised the stamp duty rates to 7.5% from the existing 6% and all registrations that would take place on or after July 22 would be as per new rates even if the slots had been booked and payments made earlier. In cases where payments had already been made for registrations and slots booked for July 22 and thereafter, a module “additional payments for slots already booked” has been made available in Dharani for making additional payments. The differential amounts could be paid and transactions carried out on the slotted day in such cases.
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