Andhra Pradesh Chief Minister Nara Chandrababu Naidu has reportedly rejected the proposal submitted by the Stamps and Registration Department recommending an increase in market value of land and properties by 30 per cent from August 1.
According to sources, Naidu was against the revision at this stage as it might put additional burden on the people. However, Revenue Minister KE Krishnamurthy, who already cleared the file, wants a revision in market value as it would increase revenues for the cash-strapped Government of Andhra Pradesh. The realty sector, especially in major towns like Vijayawada, Guntur, Visakhapatnam and Rajahmundry has seen an upward swing after the bifurcation of Andhra Pradesh on June 2.
The officials contend that the last revision was done in united Andhra Pradesh in March 2013. Therefore, another revision in view of bifurcation was inevitable. Meanwhile, sources have indicated that Naidu might agree for the revision by 15-20 per cent and not 30 per cent as proposed. This is helpful decision for realtors.