The State government is likely to increase the stamp duty-cum-registration fee from 6 per cent to 7.5 per cent and the revised rates are expected to be implemented from Thursday. These charges had not been revised in the State for the past eight years.
Subsequent to the revision of stamp duty charges, measures are being taken to revise the land and property values in the State. Stamp duty and registration fee comprises four per cent of stamp duty, 1.5 per cent of transfer duty and 0.5 per cent of registration charges.
The State government had constituted a Cabinet Sub-Committee to explore resource mobilisation and submit a report. At a review meeting held recently, the Committee had strongly pitched for revision of charges.
The committee is headed by Finance Minister T Harish Rao with IT and Industries Minister KT Rama Rao, R&B Minister V Prashanth Reddy and Chief Secretary Somesh Kumar as members. The committee held a series of meetings to explore all possibilities to ensure minimal burden on the general public while looking at avenues to shore up revenue generation for the government.
The neighbouring Andhra Pradesh revised the land value seven times in the last eight years and increased the registration fee to 7 per cent. Similarly, the registration fee is 7.5 per cent in Tamil Nadu and 7 per cent in Maharashtra.