Govt set to tweak stamp duty charges soon: Min Ponguleti

Hyderabad: The state government is mulling on whether to reduce stamp duty and registration charges and if so how. It proposes collecting stamp duty depending on the growing demand for the properties and the areas where they are located.

Talking exclusively to Hans India, Minister for Revenue and I&PR Ponguleti Srinivas Reddy said on Monday that the government was finalising land value in each area. Stamp duty to benefit the people as well as the state government would be finalised accordingly.

He said the proposed RoR (Right of Rights) Act will be another revolutionary step in strengthening the land revenue system in the state. He said that the RoR bill would be introduced during the current assembly session to ensure that the village revenue system gets strengthened.

Currently, the stamp duty which was being collected at the time of property registration is unbalanced. As a result, the buyers must cough up higher stamp duty in some areas though the value of property is not so high. In other places, it is less than the market value.

The existing uneven stamp duty collection had resulted in revenue loss to the state exchequer. “Government will rectify the anomalies and introduce a new system to streamline the stamp duty collection as per the land value in every area,” Srinivas Reddy said.

Replying to another question, he said the issue of land encroachments during the BRS regime was under investigation. “A detailed report on the illegal occupation of the costly lands by the previous regime would be presented in the assembly. This would expose the misdeeds of BRS during its 10-year rule in the state,” he said.