New Land Revision receives approval of CM Naidu
Chief Minister Chandrababu Naidu has given his assent to increase the rate of land registration and stamp duty across 13 districts in Andhra Pradesh. This has been done taking into consideration a prevailing real estate boom in the state and also the need to fetch an additional revenue of Rs. 1500 crore per annum which will in turn fund the cash-starved exchequer.
Actions to be taken:
According to the newly implemented rule approved by CM Chandrababu Naidu, the increased rates for land registration and stamp duty which shall be applicable across 13 districts will be effective from the 1st of December.
The rates have already been revised by the revenue department and have received the approval of the state government.
Orders regarding this issue are due to be released soon, as per reports by the revenue principal secretary, SP Singh.
Revised Rates:
- According the revised rates which are to be released soon, the stamp duty on all transactions is to be increased by 5 per cent as compared to the present rate of 4 per cent.
- Subsequently, the land registration fee which is currently priced at 0.5 per cent of the market value will be doubled to 1 per cent.
- Deeds gifted or passed as inheritance to family members will incur a rate of 2 per cent as compared to the present rate of 1 per cent. Other types of deeds in the form of settlement, mortgage, and transfer will be subject to a higher fee which will range from 2 to 4 per cent.
Previous Revisions:
Land related duties were revised previously in November 2013 which was put into effect by the then government led by Kiran Reddy. A net estimated amount of Rs. 6800 crore had been realised in the last financial year by reducing the fee for certain categories of transaction while increasing on some others.
The Kiran Reddy regime also saw a reduced stamp duty of 4% from 5% which the TDP regime is now set to reverse.
The state has witnessed a rapid increase in land related activity which is believed to have doubled between June-October in comparison to the same period last year.
Source: The Times of India
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