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Hyderabad News.Andhra Pradesh to cut property registration fee to 5% from 9%

Hyderabad News. DC 05.05.2010


(Excl Ventures News.)The municipal administration minister, Mr Anam Ramanarayan Reddy, on Tuesday announced that the state government will be bringing the property registration fee down from nine per cent to five per cent in the current financial year.

Speaking to mediapersons here, Mr Ramanarayan Reddy said the Centre had stopped the release of Rs 950 crore under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) for not adhering to the mandatory condition of lowering the registration fee.





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The minister said the Centre also wants the space earmarked for the economically weaker sections in the new layouts to be enhanced. The state government had introduced a rule that 10 per cent of the space should be kept for the economically weaker sections in all layouts of 10 acres or more.

In the case of multi-storied complexes taken up on land measuring one acre or more, 10 per cent of the built-up space should be kept aside.

“The Centre insists that the space left for economically weaker sections should be increased to 20-25 per cent,” the minister said.

The Chief Minister, Mr K. Rosaiah, will soon convene a meeting with the officials concerned and take a final decision on implementing the two conditionalities, the minister said.

Mr Reddy also said that 14.32 lakh property owners had utilised the extension of the deadline to pay property tax without penalty by a month.

While Rs 115 crore was collected in the GHMC area, Rs 133 crore was collected in the remaining municipal areas in the state, he said. Mr Ramnarayan brushed off the Telugu Desam leader, Mr S. Chandramohan Reddy’s criticism of the Chief Minister and the adviser, Mr K.V.P. Ramachandra Rao. He also listed out various developmental activities initiated by Mr Rosaiah in Nellore.




Comment :

This will result in savings in lakhs for buyers. Not sure when Govt will release order confirming reduction.  If you have bought a property or plan to buy,   you could continue paying but ask builder to delay registration.

Keyword TagsHyderabad News,Registration Charge, GHMC, Registration Fee, Registration Charge Reduction, Registration Fee Reduction
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