By Accommodation Times News Service
Buyers buying or selling their properties after April 1 will have to cough up higher registration charges with the state government clearing the proposal for revising land values submitted by the registration and stamps (R&S) department. The revenue department issued a GO (No.157) on 30th March for implementing revised market values for registering properties from April 1 in the state as per the Rule 5 of the AP revision of Market Value Guidelines Rules, 1998.
CM had agreed to the proposal to increase the market values during a review meeting in January this year as the revision was due from August 2011in urban areas and August 2012 in rural areas. R&S department officials said the revision had not been taken up for the past 2 years due to operational problems. The draft proposal for revised market value was published by the R&S department inviting objections and suggestions from public last month. Over 200 objections were filed in the entire state but only a few were considered. The registration department had submitted proposals for final clearance which was accepted by the revenue department.
Official sources said land rates were revised between 20% and 50% on the existing value while apartment rates between 20% and 80%.