As the cost of property registration is likely to be reduced by the Andhra Pradesh government, the market value of land across the state is in for revision next financial year beginning April 1. The State Chief Minister N Kiran Kumar Reddy directed the Stamps and Registration Department to publish the details of the Revision of Market Value and call for public suggestions and thereafter rationalise prices.
Reddy suggested the rationalisation of Revision of Market Value should be done along with reduction in cost of registration which includes bringing down registration fee and reduction of transfer duty from April 1, 2013.
The market value is the basis for quantum of the stamp duty and registration fee and the last revision in both urban and rural areas was brought about in 2010 and 2011 respectively. The revision was due from August 2012.