The ongoing COVID-19 pandemic has led to land prices remaining steady during the last couple of months in the state. However, people looking to invest in real estate may have to shell out more from their pockets now, with the latest hike in land registration prices in Andhra Pradesh. Reports suggest that the land registration rates across Andhra Pradesh have increased by twenty to thirty per cent, and have come into effect from Monday. Some high-demand areas have even witnessed a steep increase of fifty per cent. The new prices have come into effect after Chief Minister YS Jagan Mohan Reddy approved the changes put forth by Minister of Revenue Dharmana Krishna Das.
Last year, the land registration charges were capped at ten per cent. With its latest directives, the Andhra Pradesh government has doled out different land registration prices for urban and rural areas. At present, a minimum of five per cent will be charged from land buyers as a registration fee. In urban areas where land prices are more than their rural counterparts, the registration fee has been set at 5-10 per cent depending on the area. In rural areas where the land rates are relatively lower, this markup has been set at 20 per cent in a few districts. With fewer buyers making purchases over the last couple of months, the ongoing pandemic has affected the real estate market in the state.
With the latest rules, land registration rates in Visakhapatnam too, are on an upward spiral starting from today. The registration prices are anywhere between five to twenty per cent at various locations in the district. Real estate experts have speculated that the land prices may further increase steadily in and around the city, as it is going to be the executive capital of Andhra Pradesh soon.