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- The registration fees payable on sales/purchase of properties have surged because the government raised the market value of properties throughout the state.
- The rise in market values is up to 150%.
- It is so in places with real estate values at their peak levels.
- The hike in market values is likely to bring in Rs.500 crore per annum apart from the Rs.6,400 crore accrual currently.
- The new market values have come into force on 1 April 2013 and are on display at the 432 sub-registrar offices.
- The stamp duty to be paid on market values when registering has been reduced from 5% to 4%.
- The transfer duty (earlier 2% in urban localities and 3% in rural localities) has been fixed at 1.5%- equal across the state.
- The registration fee has been kept unchanged at 0.5%.
- As result of the hikes, the overall percentage of these three heads will decrease to an equal 6% across the state.
- Earlier, this was 7.5% in urban localities and 8.5% in rural localities.
- The percentage reductions have been made according to Union government’s guidelines.
Source: The Hindu