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Housing to remain a dream for common man
Property registration charges will likely shoot up from August 1 with revision of the land values by the department of stamps and registration. Buyers of homes and flats must spend more with the increase of the government value of the lands. Adding to the woes is GST.
Vijayawada: Property registration charges will likely shoot up from August 1 with revision of the land values by the department of stamps and registration. Buyers of homes and flats must spend more with the increase of the government value of the lands. Adding to the woes is GST.
Krishna district joint collector Gandham Chandrudu gave a green signal two days ago for the revision of land values after meeting with the higher officials of the departments of stamps and registration and municipal corporation and municipalities. Land value will be increased by 10 to 20 per cent in the district.
Highlights:
- Registration charges to shoot up from August 1 as government revises land values in the State
- Property value to be increased by 10 to 20 per cent
At present, the government is collecting 7.5 per cent stamp duty on the government value of the lands. Besides, the buyer must spend 1.25 per cent VAT for the registration. In addition to this the Central government was collecting 4.5 percent Service Tax. With the implementation of GST, the total tax to be paid remains at 12 percent.
Land prices are very high in Vijayawada and Guntur cities. In the outskirts of Vijayawada, an acre land costs Rs 70 lakh to Rs 1.50 crore depending on the proximity to main roads particularly the highways and important roads.
Due to high cost of land prices, the revision of existing land prices will become more burdensome to the house site buyer or flat buyer.
By Md Ameen
