HYDERABAD: The Registration and Stamps Department, one of the largest revenue generators for the State government, has written to Chief Minister K Chandrasekhar Rao, requesting him to clear their proposal to revise upwards the registration and stamp duty. Last time the duty was revised in 2013, a year before bifurcation of the State.
“Since 2013, market value of land in Telangana has increased. It would be very appropriate if we revise stamp duty for registrations, which is currently cheapest in the country at six per cent for immovable properties. This could help the State in shoring up its revenues,” said officials of Registrations and Stamps Department.
According to them, the registration and stamps duty fee in all the other cities across the country is revised every year, and once in two years in rural areas.
“After bifurcation, the residuary state of Andhra Pradesh revised registration fee. But Telangana maintained a low duty to attract investors,” the official said. “Undoubtedly we have attracted investors from across India and the world. The State registration department, in the last few years, had witnessed unprecedented growth of 26 per cent. But this year, the growth is likely to be less than 10 per cent.”
For the financial year 2019-20, the department has estimated to register 18 lakh documents with a revenue of Rs 7,000 crore. As on date, the State government’s revenue from stamp duty collection stood at Rs 4,943 crore. So far, it has registered a little over 13 lakh documents.