With the real-estate sector flourishing, market value in AP has peaked. A 35% increase in revenue from stamps and registrations was reported by the Andhra Pradesh Government in March 2022. If you are planning to purchase a plot, commercial property or residential property in Andhra Pradesh, you need to be aware of land market value in AP.
Read on to know what is market value of land, the impact it has, role of IGRS and how to check market value of land in AP online.
The market value of land in AP reflects a land’s worth. When it comes to the sale of land, all concerned parties involved in the transaction are mandated to pay stamp duty on specified documents, including the sale agreement.
To aid buyers and sellers in getting the correct market value of land in Andhra Pradesh, the state has incorporated the Computer-aided Administration of Registration Department.
The state government’s decision to hike land market value in Andhra Pradesh has resulted in increased land prices in the villages near adjoining district headquarters. For instance, the price of land in Bapatla has reached up to Rs. 10,000 – Rs.14,000 per square yard, as compared to a previously recorded price of Rs. 3,000 – Rs.4,000.
Furthermore, the workload in registration offices has also doubled as individuals seek to register their properties at the prevalent market value.
As per parliamentary constituencies, the Government of Andhra Pradesh added 13 new districts in the state on April 4, 2022. This brought the total number of districts in AP to 26. The following table highlights the names of newly formed 13 districts and their respective headquarters:
|Sri Satya Sai||Puttaparthi|
|Alluri Sitharama Raju||Paderu|
Furthermore, a minimum revision of 5% to a maximum revision of 75% with regard to the market value of property in AP has been done in all newly formed districts. As per the Department of Registration and Stamps, the revision of market value in AP ranges between 15% and 25% on an average basis.
Any change in guideline value will impact AP’s land market value. The real-estate sector is one of Andhra Pradesh Government’s most profitable revenue areas. However, this does not necessarily mean that the market value in AP will continue to rise indefinitely.
Concerning this, an increased guidance value indicates that the market value of properties will rise. Meanwhile, a decreased guidance value means that the market value in AP will fall. That said, guidance value is not based on market demand only. Rather, they are determined by thorough market research.
The Department of Registration and Stamps inaugurated IGRS AP to facilitate various land-related services online. The role of IGRS AP market value is to reduce black money.
IGRS (Inspector-General of Registration and Stamps) strives to maintain a property’s circle rate close to its market rate. This is basically done to avoid black money transactions that could impact the exchequer’s revenue, especially because property tax accounts for a major portion of any state’s revenue.
The land market value in Andhra Pradesh differs because it depends on various factors, such as the location of the property, its overall condition, age, etc.
Furthermore, this guidance value can be utilised in different attributes of a given area. That said, the development stage of a property determines its guidance value, which in turn, affects the market value in AP. For instance, a property situated in a well-established neighbourhood will feature a higher guidance value.
The State Government decides the market value of land in AP after conducting thorough research. However, the property seller has the complete right to decide the price at which he/she sells the property. Buyers cannot force sellers to sell their property at the guidance value decided by the government.
You can check AP govt land market value by following these steps:
Click on IGRS. You will be directed to the Registration and Stamps Department of AP Government.
Scroll down and click on the “Market Value Assistance’.
Next, depending on what kind of land’s market value you want to find, select ‘market value of agricultural land’ or ‘non-agricultural land’.
Enter a few details, such as village, mandal and district.
Click on submit. Following this, you will be able to view the market value of land in AP.
Property purchases in India can become tricky if you do not stay updated with the various aspects of real estate. In this regard, the above sections highlight crucial details regarding market value in AP that can be of your help when you embark on your journey of purchasing a property.
Ans: You can check a property’s market value in Andhra Pradesh offline by writing an application to the junior/senior assistant at the sub-registrar’s office. He/she will then issue you a computer-generated value slip after an hour when you make a payment of Rs. 10.
Ans: You can visit the Meebhoomi website and then click on the land conversion details to view information regarding the previous landowner. After following this step, you need to enter a few details, such as zone, district, survey number, village number, and more, to submit your request.
Ans: You need to visit the Meebhoomi website to check plot details in Andhra Pradesh. On the website, choose your respective village from the menu bar. After that, enter a few details, such as Aadhaar number, name, survey number, and more to proceed.
Ans: Yes, the market value of a property depends on various factors, including its age, condition, etc. Thus, a property in a well-maintained condition will have a higher market value as opposed to the one which lacks maintenance.
Ans: As of now, the stamp duty rate in Andhra Pradesh stands at 5% of the value of the property. However, this amount might change as per the government’s regulations. Meanwhile, the land registration and transfer fees are set at 1% and 1.5%, respectively.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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