Hyderabad, June 18 (INN): Registration and Stamps Minister Thota Narasimhan on Tuesday dismissed 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 that the government has reduced Stamp Duty from five per cent to four per cent; Transfer Duty from two per cent to 1.5 per cent in Urban areas and three per cent to 1.5 per cent in rural areas from April 1 this year. Thus, the total cost of registration has been reduced from 7.5 per cent to six per cent in Urban areas and 8.5 per cent to six per cent in rural areas.
He also informed that the State Exchequer was expecting a revenue of Rs 6,400 crore for the financial year 2013-14 from the Registration and Stamps department. (INN)