HYDERABAD: The market values of lands and the stamp duty rates, which had been enhanced earlier, will be implemented from Thursday, July 22. The lowest value for agricultural lands has been fixed at Rs 75,000 per acre. The lowest value for flats/apartments was revised from Rs 800 per square feet to Rs 1,000 per square feet. Stamp duty rates have been revised to 7.5 per cent from the current six per cent for sale and other transactions.
If, for example, the lowest value of agriculture land is Rs 25,000 per acre, people would have to pay Rs 1,500 towards stamp duty, at the rate of six per cent. With the minimum value being revised to Rs 75,000 per acre, the stamp duty at 7.5 per cent for the same land will be Rs 5,625 per acre now. If the value of a land is Rs 50 lakh per acre, the stamp duty would have been Rs 3 lakh as per the old rates. As the market rates are revised by 30 per cent, now people will have to pay a stamp duty of around Rs 4.7 lakh for the same land.
For registrations done on or after July 22, people have to pay the revised rates even if slots have been booked and payments have been made earlier. Chief Secretary Somesh Kumar on Tuesday issued GO Ms No 58 to this effect, following the recent decision of the State Cabinet in this regard.
In cases where payments have already been made for registrations and slots have been booked for July 22 and thereafter, a module titled ‘Additional payments for Slots already booked’ has been made available on Dharani portal for making additional payments. The differential amounts can be paid and transactions can be carried out on the slotted day.
This is the first time that market values of lands and stamp duty rates have been increased since the formation of the State. According to Somesh Kumar, owing to significant growth in IT, pharma, tourism and infrastructure projects, formation of new districts, and growth in other sectors, there has been a substantial appreciation of land values. New irrigation projects have come up and vast areas of ayacut have been developed, leading to considerable increase of land values, he said.