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Visakhapatnam, July 31, 2006

Market value increased to 20 per cent

From August 1 onwards, the market value of lands and buildings for the purpose of registration is being increased to 20 per cent in all the urban agglomerations of the State. The revised values will cover all special grade municipalities, municipal councils and corporations.

The Government had reduced the cost of registering properties to 9.5 per cent by pegging the stamp duty at 7 per cent of the market value, transfer duty at 2 percent and the registration fee at 0.5 per cent in tune with the National policy just a few months back.

The market values of lands in Visakhapatnam, Vijayawada, Guntur, Rajahmundry and Kakinada had been increased as per the ground level situation. The values would be revised again after six months in urban agglomerations in line with the decision taken by the Government.

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