Tirupati: Hike in construction charges imposes additional burden

Tirupati: The increased market value of all types of construction has levied additional burden on the people in the State. The Registration and Stamps department has been implementing the revised construction rates of the structures and buildings from June 1. The existing rates were increased by a minimum of 5 per cent depending on the rural and urban areas and on different types of constructions.

As the registration charges and stamp duties will be levied on the market rates, people need to bear additional burden when they want to buy a new house. In the urban areas, the construction rate per square feet has been revised to Rs 1,200 from Rs 1,140 up to the ground, 1st and 2nd floors whereas from 3rd floor onwards it will be Rs 1,300. These rates vary for various constructions and high rise buildings etc.,

Similarly, in major gram panchayats the rate per square metre has gone up to Rs 1,060 from Rs 1,010 and in minor gram panchayats the new rate is Rs 770 as against the previous Rs 730. For instance, the construction cost of one 1,200 sq ft flat will now go up to Rs 14.40 lakh which was Rs 13.68 lakh till May 31. Accordingly, the registration charges and stamp duty will go up to lay additional burden on the buyers.

Meanwhile, Tirupati district comprising 15 sub-registrar offices has achieved 102.84 per cent target in the previous fiscal of 2021-22. Out of the given target of Rs 343.14 crore, the district achieved revenue of Rs 352.88 crore. While Tirupati, Tirupati Rural, Srikalahasti, Chandragiri, Sullurpeta, Puttur, Sathyavedu and Thottambedu have fallen short of their targets, Gudur, Kota, Naidupeta, Venkatagiri, Chinnagottigallu, Pakala, Pichatoor and Renigunta have exceeded the given targets. For instance, Naidupeta has achieved 212.29 per cent of the target revenue.