VeriSign has announced that the registry and renewal fees for .com and .net web domains will be increased effective January 15, 2012. It clarifies that this is as per its agreements with the Internet Corporation for Assigned Names and Numbers (ICANN).

VeriSign announced that the registry fee for .com domain names will increase from $7.34 to $7.85. Also, the registry fee for .net domain names will increase from $4.65 to $5.11. The prices stated doesn't include the ICANN's 18 cent tax per domain, which bumps the .com price up to over $8.00.

Before this, Neustar has already informed its registrars and ICANN that it will increase its annual registration prices for .biz domain names effective February 1, 2012. The new price for .biz will be $7.85 per year, which is $7.30 at present. Thus increasing by 55 cents. These prices are also stated without tax.

Overall we are seeing an increase up to 7% in prices. This increase in prices will be ultimately paid by consumers, no matter from where you are going to purchase your favorite domain. Various domain registrars like GoDaddy or Namecheap who sell domain names to customer will definitely try to makeup this increased cost from customers.

So, if you are also having your own domain, renew them before price hikes.