Telangana government is finalising proposals to hike registration values after a gap of two years up to 150 per cent to raise about Rs.3...
Telangana government is finalising proposals to hike registration values after a gap of two years up to 150 per cent to raise about Rs.3000 crore for the kitty against last year’s target of Rs 2,500 crore.
The proposals of Stamps and Registration department have been given a green signal by Chief Minister K. Chandrasekhar Rao to fix area-specific registration values to be effective from August this year.
Property buyers in posh residential areas like Manikonda, Nanakramguda, Tellapur etc in Hyderabad will soon have to pay more now. Such proposals were put on the back burner in August itself as TRS did not want to anger people with a hike within two months of taking over. The last revision of property taxes was taken up in the undivided state during the regime of Congress leader N. Kiran Kumar Reddy in April 2013 and the revision due in 2014 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 revenue for the government. Now the situation has improved with political stability and the realty sector has been picking up. "The time is ripe for a revision of registration values," says a senior official of Stamps and Registration department.
