Land prices are likely to be hiked in Andhra Pradesh from August 2019 as the Government is proposed to revise the market rates. As per the sources, the market rates will be hiked between 5-10 percent depending upon the area and demand.
The hike in market rates is aimed at increasing revenue of the Registration and Stamps department. The land buyers have to pay more to get the properties registered on their name.
At present, the stamp and other duties for registrations are as follows:
Stamp Duty: 5 percent
Transfer Fee: 1.5 percent
Registration Charges: 1 percent
If the market rate is hiked 5 percent on a property worth Rs.10,00,000, then the value of the property will be Rs.10,50,000. It is also informed that market rates in some districts will not be changed considering less transactions and demand.
Rates in Villages and Towns:
Market rates of properties in villages and towns will be changed from August 2019. The hike will depend upon the demand for the land in that area. The compensation for land acquisitions will also be paid as per the market rates.