Telangana Government is all set to revise the stamp duty and registration charges for property registrations soon. This is the first time the registration rates are revised after the state is formed in 2014. The new values would come into effect from August 1st. Telangana government is currently charging 6% of the land values as stamp duty and registration charges. This will go up to 7.5%, we are told from August 1st.
The government has set a target to earn Rs 12,500 crore in revenue through stamp duty and registration charges this fiscal. But then, its plans have been dealt with a huge blow due to the COVID second wave. To cover up the huge loss in revenue due to the Covid second wave and subsequent lockdown, this hike will become imminent.
Meanwhile, the government is also contemplating increasing the value of land and properties. It has been more than eight years since the values are revised. Meanwhile, the neighboring AP government had revised land registration rates seven times in the past eight years and increased registration charges to 7.5 percent. The government will make huge money if land values are increased and stamp duty and registration charges go up.