Buildings, apartment registration fees to go up in Visakhapatnam
While it is enhanced to Rs 870 from Rs 790 in major panchayats, in other panchayats it is Rs 620 from Rs 560.
Vijayawada: The buildings and apartment registration fees are likely to be escalated upto 10 per cent. Revenue Minister K.E. Krishna Murthy has approved this proposal of the stamps and registrations department and the GO is yet to be released accordingly. As per the proposal, the composite complex value for sqft is escalated to Rs. 980 from Rs. 890 in the urban areas.
While it is enhanced to Rs. 870 from Rs. 790 in major panchayats, in other panchayats it is Rs. 620 from Rs. 560. The composite complex value is drawn by adding the land value to the construction value charged per sqft in case of apartments. With the increase of composite complex value, proportionately the value of flats and plots are to be increased, and if the land value increases, there is chance of composite complex value increasing further.
According to P. Venkata Ramireddy, IG, Stamps and Registrations, this is quite common to hike the registration value every year in July, which comes into force from August. The registrations department will prepare detailed guidelines to assess the market value of the land. This will be passed on to revision committees in districts headed by Joint Collector in Urban areas, RDO’s for rural areas. After securing reports from panels, the land value will be fixed and which objections from public will be invited.
After the cabinet approval, the new land rates will be publicised. The stamps and registrations department had already calculated the difference between rates fixed by government and the prevailing prices, while some of the districts have reported a steep increase in land rates, while few districts like Krishna and Guntur had reported a fall in land prices. For joint collectors and RDO committees, discussion time is given until this month-end. For final approval, July 24 is the last date. The stamps and registrations department decided to bring into force the escalated prices from Aug. 1, by updating the price changes in the systems by July 31.