Hyderabad: The property buyers in the state will soon have to pay more with the government finalising proposals to hike registration fees. Where a large number of residential apartments and multi-storeyed buildings are coming up, will be higher as the Telangana government is devising proposals to fix area-specific registration values on demand of the location.
The government feels that now is the time for revising registration values and has asked the stamps and Registration department to submit proposals at the earliest. The last revision was taken up in the undivided state during the N.Kiran Kumar Reddy regime in April 2013.
“The government has been targeting more earnings this year through the Stamps and Registration department. In the last Budget, it had projected earnings at Rs 2,500 crore but could meet only half of it so far due to a slowdown in the realty sector on account of political developments over Telangana.
The situation has improved now due to political stability and the realty sector has been picking up. For this reason, the government wants to increase registration values to earn more revenues through property transactions,” said a senior official of Stamps and Registration department