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Rush at registration offices
The stamps and registration offices are thronged with buyers and sellers of properties as the government has enhanced value of properties by 10 per cent from August 1. The buyers are hurrying up to complete their registrations by Monday itself to save their money.
Vizianagaram: The stamps and registration offices are thronged with buyers and sellers of properties as the government has enhanced value of properties by 10 per cent from August 1. The buyers are hurrying up to complete their registrations by Monday itself to save their money.
Highlights:
- The State government has enhanced value of properties by 10 per cent from August 1
- Earlier, the buyers used to pay 7.5 per cent of stamp duty on the value of property. Now it has raised to 10 per cent
The AP government had announced that the parties should mind that the value of all properties are going to be increased by 10 per cent and now the buyers also required to pay some more on their registrations. The AP government which is facing financial crisis has increased the value of lands, sites, buildings, apartments to mobilise its revenue.
Earlier, the buyers used to pay 7.5 per cent of stamp duty on the value of property. If a person is purchasing a flat costs Rs 10 lakh, he must pay Rs 75,000 towards stamp duty and another Rs 5,000 towards office formalities. The government got Rs 1,493 crore from 4,97,224 registrations from all over the state in the past four months from April to July.
The Vizianagaram registration district is targeted to earn Rs 203 crore in the current financial year. As per the new values fixed by the government each yard of land cost is raised to Rs 36,000 from Rs 33,000. Even the flat price is raised from Rs 930 to Rs 1,030 based on the area. Now the document writers, brokers and middlemen are busy in convincing the buyers to complete the task as soon as possible to save some amount from paying to government.
B Srinivasa Rao, a document writer works in the jurisdiction of Vizianagaram west registrar office told “I have no time to even take my lunch as the customers are approaching us to write their docume
Vizianagaram: The stamps and registration offices are thronged with buyers and sellers of properties as the government has enhanced value of properties by 10 per cent from August 1. The buyers are hurrying up to complete their registrations by Monday itself to save their money.
The AP government had announced that the parties should mind that the value of all properties are going to be increased by 10 per cent and now the buyers also required to pay some more on their registrations. The AP government which is facing financial crisis has increased the value of lands, sites, buildings, apartments to mobilise its revenue.
Earlier, the buyers used to pay 7.5 per cent of stamp duty on the value of property. If a person is purchasing a flat costs Rs 10 lakh, he must pay Rs 75,000 towards stamp duty and another Rs 5,000 towards office formalities. The government got Rs 1,493 crore from 4,97,224 registrations from all over the state in the past four months from April to July.
The Vizianagaram registration district is targeted to earn Rs 203 crore in the current financial year. As per the new values fixed by the government each yard of land cost is raised to Rs 36,000 from Rs 33,000. Even the flat price is raised from Rs 930 to Rs 1,030 based on the area. Now the document writers, brokers and middlemen are busy in convincing the buyers to complete the task as soon as possible to save some amount from paying to government.
B Srinivasa Rao, a document writer works in the jurisdiction of Vizianagaram west registrar office told “I have no time to even take my lunch as the customers are approaching us to write their documents early to complete their registrations. Now I have appointed an assistant for me to help in this work. Usually I write 8-10 documents per day in normal days but now the number is reached 15 in the past one week.”
K Anand Kumar, a builder here told “We are informing our customers to complete the registration of their flats soon. Otherwise they need to pay Rs 10,000-15,000 excess on their each flat. Why should they unnecessarily pay additional amount to government. I am encouraging them to arrange amount by today and complete their registration process.”
Vizianagaram: The stamps and registration offices are thronged with buyers and sellers of properties as the government has enhanced value of properties by 10 per cent from August 1. The buyers are hurrying up to complete their registrations by Monday itself to save their money.
The AP government had announced that the parties should mind that the value of all properties are going to be increased by 10 per cent and now the buyers also required to pay some more on their registrations. The AP government which is facing financial crisis has increased the value of lands, sites, buildings, apartments to mobilise its revenue.
Earlier, the buyers used to pay 7.5 per cent of stamp duty on the value of property. If a person is purchasing a flat costs Rs 10 lakh, he must pay Rs 75,000 towards stamp duty and another Rs 5,000 towards office formalities. The government got Rs 1,493 crore from 4,97,224 registrations from all over the state in the past four months from April to July.
The Vizianagaram registration district is targeted to earn Rs 203 crore in the current financial year. As per the new values fixed by the government each yard of land cost is raised to Rs 36,000 from Rs 33,000. Even the flat price is raised from Rs 930 to Rs 1,030 based on the area. Now the document writers, brokers and middlemen are busy in convincing the buyers to complete the task as soon as possible to save some amount from paying to government.
B Srinivasa Rao, a document writer works in the jurisdiction of Vizianagaram west registrar office told “I have no time to even take my lunch as the customers are approaching us to write their documents early to complete their registrations. Now I have appointed an assistant for me to help in this work. Usually I write 8-10 documents per day in normal days but now the number is reached 15 in the past one week.”
K Anand Kumar, a builder here told “We are informing our customers to complete the registration of their flats soon. Otherwise they need to pay Rs 10,000-15,000 excess on their each flat. Why should they unnecessarily pay additional amount to government. I am encouraging them to arrange amount by today and complete their registration process.”
nts early to complete their registrations. Now I have appointed an assistant for me to help in this work. Usually I write 8-10 documents per day in normal days but now the number is reached 15 in the past one week.”
K Anand Kumar, a builder here told “We are informing our customers to complete the registration of their flats soon. Otherwise they need to pay Rs 10,000-15,000 excess on their each flat. Why should they unnecessarily pay additional amount to government. I am encouraging them to arrange amount by today and complete their registration process.”
