Those seeking to own a home should get ready to pay a bit more. The state government has hiked property rates by almost 10% to 15% as per the ready reckoner for 2010. Shell out more in 2010 if you are planning to buy a property as the state has decided to hike property rates. If a buyer was paying a stamp duty of Rs50,000 for a Rs10 lakh flat earlier, he will now have to pay Rs7,500 more as the value of the flat has gone up by 15%, to Rs11.5 lakh. Published every year, the ready reckoner estimates the market value of properties to enable authorities to calculate stamp duty on property transactions. Interestingly, and much against the wishes of those seeking to buy high-end apartments, the government has slightly hiked (approximately 15%) the rates for those planning to purchase flats above 1,500 sq ft. Till date, the buyers would shell out an additional 25% while purchasing flats of this size.
January 10, 2010