Amaravati: No change in property values

Amaravati: The state government has decided to defer revision of market values for properties in both urban and rural areas till the end of March 31, 2022, in view of the prevailing Covid-19 pandemic.

The property values were due for revision on August 1 in accordance with the AP Revision of Market Value Rules, 1998.

"Several organisations have represented to the government that they were facing difficulties in carrying out transactions in immovable properties because of the Covid-19 impact. So we have decided to extend relief to the general public by not taking up the mandated periodic revision of property values," special chief secretary (registrations and stamps) Rajat Bhargava said.

"This should encourage people to register their properties, instead of going for power of attorney. That could balance our revenues even without the revision in values," Rajat told PTI.

He said the revision exercise has hence been postponed till March 31, 2022 in relaxation to the rules.

In August last year, at the height of the Covid first wave, the state government enhanced the property values in urban areas by 10 to 30 per cent to mop up an additional revenue of Rs 800 crore.

The government, however, did not increase the stamp duty and retained it at six per cent.