Registration values could range up to 150% where the property value reached peak levels
The government aims to earn Rs 3,000 crore this year through the Stamps and Registration department against last year's target of Rs 2,500 crore. (Photo: DC/File)
Hyderabad: Property buyers in Telangana will soon have to pay more with the Telangana government finalising proposals to hike registration values after a gap of two years.
The increase in property registration values in posh residential areas like Manikonda, Nanakramguda, Tellapur etc., where a large number of residential apartments and multistoried buildings are coming up, will be higher as the Telangana government is devising proposals to fix area-specific registration values based on the demand of the location. The new registration values are expected to come into force from August this year.
Though the state government had planned to increase registration values in August last year, it was put off at the last minute as Chief Minister K. Chandrasekhar Rao was averse to a hike since it had been just two months since the state was formed. The government, however, feels that now is the time for revising registration values and has asked the Stamps and Registration department to submit proposals at the earliest. The last revision was taken up in the undivided state during the N. Kiran Kumar Reddy regime in April 2013.
The revision in registation charges was due in 2014, but was put off by the Telangana State government. The government collects stamp duty based on registration value at the time of property registration. Any hike in registration value will lead to increase in stamp duty, thereby getting more revenues for the government.
“The government has been targeting more earnings this year through the Stamps and Registration department. In the last Budget, it had projected earnings at Rs 2,500 crore but could meet only half of it so far due to a slowdown in the realty sector on account of political developments over Telangana. The situation has improved now due to political stability and the realty sector has been picking up. For this reason, the government wants to increase registration values to earn more revenues through property transactions,” said a senior official of Stamps and Registration department.
Sources said the hike in registration values could range up to 150 per cent where the property value has reached peak levels. The government aims to earn Rs 3,000 crore this year through the Stamps and Registration department against last year’s target of Rs 2,500 crore.
( Source : dc )
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