The market value of land across Andhra Pradesh is in for upward revision and registration charges are likely to come down next financial year (April 1).
State Chief Minister N. Kiran Kumar has asked the Stamps and Registration Department to publish the details of the Revision of Market Value and call for public suggestions and thereafter rationalise prices.
The Chief Minister has suggested that the rationalisation of Revision of Market Value should be done along with reduction in cost of registration which includes bringing down registration fee and reduction of transfer duty from April 1, 2013.
The market value is the basis for quantum of the stamp duty and registration fee and the last revision in both urban and rural areas was brought about in 2010 and 2011, respectively. The revision was due from August 2012.
According to the Stamps and Registration Department, the land prices have fluctuated depending upon the location. While in some prices it has gone up significantly, it is stagnant in some other areas and has gone down in some locations.
The Chief Minister said reduction in cost of registration is as per the directions of the Central Government. This is likely to reform and regulate the land market and real values may stabilise. The Government expects there would be better compliance and result in higher revenue in the long run.
During 2011-12, against the gross revenue target of Rs 5,602.81 crore from stamps and registration, the Department achieved Rs 5,492.11 crore, working out to 98.02 per cent. This represents a growth of 14.60 per cent over Rs 4,428.25 crore in 2011-12.
The Government is also planning to digitise registration records. It is proposed to provide registration and extension services in Mee Seva services centres within few months.