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Hyderabad News.Hold Upcoming Registrations. Registration Charge for Properties to Fall to 5% within Next Few Weeks.

Hyderabad News. TOI 02.06.2010


(Excl Ventures News.)

Hyderabads realtors finally have something to cheer about.The sale deed registration fee in the state,which was as high as 9.5 per cent so far,is likely to drop to 5 per cent over the next few weeks a relief that realtors have been seeking for very long.The last revision in stamp and registration fee was made four years ago when it was brought down to the existing 9.5 per cent from 14 per cent.


Sources say that the proposal for this amendment follows the Centres decision to withheld funds allocated to Andhra Pradesh under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) scheme,unless the fee is revised.According to their estimates,about Rs 1,000 crore earmarked for AP is awaiting release under this scheme at present.It is learnt that the World Bank too has declared the revision of registration fee as a prerequisite for sanctioning loans to the state.





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Welcoming the proposal,real estate players said that the move would finally help them cope with the damage caused to the sector,first by recession and then by the T agitations.According to them,the revision will see at least some realty projects that have been kept on hold since 2008,take shape.The realty sector has been performing very poorly for more than a year now.And this high fee was adding to our burden.Now this correction will make things easy for us to a great extent, said P Prem Kumar of Doyen Constructions adding,Also,this move has been long overdue and I am glad it is finally being implemented.


The existing fee,which is 7.5 per cent of the total land value for apartments and 9.5 per cent for independent houses,is also one of the highest in the country.According to some builders,it is only Bihar that presently charges a higher registration fee than AP of 10 per cent.Interestingly,the revised fee,if implemented,would be the lowest in the country with only Orissa being the other state with a 5 per cent registration fee.


The revenue collected by the state from the registration fee runs into crores of rupees.It is precisely for this reason that the state did not want to bring it down. This decision will help builders as they can now transfer land on their name instead of only procuring a GPA to avoid the registration fee.


Meanwhile,dampening the high spirits of realtors some industry experts say that the proposed fee might benefit none but the state coffers.This,as the state government soon plans to hike property prices to ensure the smooth flow of cash into its treasury.While on the one hand the government is sure to cut down the registration fee,on the other hand,there is talk about increasing the price of land in several parts of the city.If that happens,builders will not have much to celebrate, said Vishuvardhan Raju,president,AP sub-registrars organisation.




Comment :

There is every likelyhood that Govt will increase market value of land and apartments soon. So whatever gain that people can get by Regn charge reduction will be lost. Get ready to register before market value is raised.   One of Exclusive Venture''s members have been holding registration of Villa at Ashoka Kompalli Project. Regn charge for  the Villa is whopping 12 Lakhs. This will come down to 6Lakhs on reducing regn fee, provided   he could register the Villa, before market value is raised by Govt.

Keyword Tags Hyderabad News,Registration Charge, Registration, Registration Fee, 5% Registration Fee, Property Registration
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