Hyderabad's realtors finally have something to cheer about. The sale deed registration fee in the state, which was as high as 9.5 percent so far, is likely to drop to 5 percent over the next few weeks - a relief that realtors have been seeking for very long. The last revision in stamp and registration fee was made four years ago when it was brought down to the existing 9.5 percent from 14 percent.Sources say that the proposal for this amendment follows the Centre's decision to withheld funds allocated to Andhra Pradesh under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) scheme, unless the fee is revised. According to their estimates, about Rs. 1,000 crore earmarked for AP is awaiting release under this scheme at present.

It is learnt that the World Bank too has declared the revision of registration fee as a prerequisite for sanctioning loans to the state. The existing fee, which is 7.5 percent of the total land value for apartments and 9.5 percent for independent houses, is also one of the highest in the country. According to some builders, it is only Bihar that presently charges a higher registration fee than AP - of 10 percent.Interestingly, the revised fee, if implemented, would be the lowest in the country with only Orissa being the other state with a 5 percent registration fee. "The revenue collected by the state from the registration fee runs into crores of rupees. It is precisely for this reason that the state did not want to bring it down. But now they have been left with no choice, "said Khaja Asif Ahmed, a city-based realtor. He added, "This decision will help builders as they can now transfer land on their name instead of only procuring a GPA to avoid the registration fee."

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