The Cyberabad Times

Hike property registration rates likely

Registration of properties in the city may cost you more soon. The state government is actively considering a proposal from the stamps and registration department to increase and rationalise the official market values in the city. For example, the government values a square yard of land in Banjara Hills and Jubilee Hills anywhere between Rs 4,000 to Rs 5,000 and collects 13 per cent stamp and registration charges on the value of a transaction. But in reality, a square yard of land in these two upmarket localities would cost not less than Rs 15,000. Similarly, as per government valuation, a square yard in Madhapur is valued at Rs 2,500, but in the open market it would be more than Rs 10,000. Likewise, commercial property at Begumpet is valued at Rs 18,000 to Rs 20,000 per yard and residential land at Rs 8,000 yard as per government valuation. Though the official commercial values match open-market rates, residential areas are valued at far less than the real cost.

Hike property registration rates likely

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