Land Values Have Not Increased: Minister

Registration And Stamps minister Thota Narasimhan, on Tuesday, dismissed reports that the market value of lands have been increased abnormally, imposing much burden on general public.

Replying to a question raised by TDP MLA T Nageswara Rao and others during Question Hour in the state Legislative Assembly, the minister informed the House that the government has reduced stamp duty from 5% to 4%; transfer duty from 2% to 1.5% in urban areas, and from 3% to 1.5% in rural areas from April 1 this year.

Thus, the total cost of registration has been reduced from 7.5% to 6% in urban areas and from 8.5% to 6% in rural areas, he explained.

He also said that the state's exchequer was expecting a revenue of Rs. 6,400 crores for the financial year 2013-14 from the Registration & Stamps department. (INN)