Hyderabad: The state government has deferred the revision of market values used to levy stamp duty on the sale of properties.
Initially, the government had indicated that the new market values would take effect from August 1. However, this decision was put on hold, primarily due to the stagnation in the real estate market across the country, including in Telangana, which recently went through back-to-back elections within six months.
“We had preliminary discussions and prepared a basic structure for the revision. It was decided in principle to retain the rates for flats because customers have been paying almost three times our market value due to bank loans. The value will be increased for agricultural lands and open plots," a senior stamps and registration official told Deccan Chronicle.
Revenue minister Ponguleti Srinivas Reddy, in a recent review meeting, instructed officials to prepare the new market values after a more scientific study of market trends in the respective areas.
