Heavy rush at registration offices : Govt enhances property value

Srikakulam: For the past two days, heavy rush was at the joint registrar and  sub-registrar offices of the registrations and stamps department across the district, thanks to the government’s decision which enhanced the value of  lands and assets for five per cent with effect from August 1 this year. 

With the government’s decision, property value was increased to five per cent from existing rates. 

At present, if the property market value as per government rates is Rs 1 lakh, it will be increased to Rs 1.05 lakh from August 1 and stamp duty also increased proportionately on the enhanced market value.

To avoid payment of more stamp duty fee and charges, purchasers and sellers of lands, sites, buildings and other assets are in a hurry to complete registrations before August 1 with an aim to save stamp duty. 

“I entered into an agreement of sale with another person to purchase 387 square yards of land and registered one day ago with the enhancement of assets value”, seller T Anuradha told The Hans India. 

“On an average, every day 100 properties are being registered at Srikakulam headquarters office”, joint registrar-1 and joint registrar-2 of Srikakulam K Taviti Naidu and V Ramapathi Rao told this newspaper.