Land Values in Telangana May Drive Up to 200 Percent
The Registration and Stamps (R&S) department plans to improve the land rate by 20 percent to 200 percent compared to the current registration rate the day after a proposed improvement in property registration values.
If Chief Minister K Chandrasekhar Rao promotes the proposal, a senior official has stated that the hike can take effect from the second week of July instead of August 1st.
Land Rates to Rise in Telangana
In many non-commercial and residential areas, the range should be 100%, while in rural and municipal towns 200% can be on commercial roads and between 20% and 50%. In areas with a higher number of documentation (transactions) registered, the increase in the Hyderabad and HMDA limits could rise from 100 percent to 200 percent.
The officials pointed out that there were huge variations between the registration value (of the government) and leading market value of the land, for example, Rs 30,000 per square yard for commercial land (main roads) and Rs 20,000 per square yard for residential properties, for instance, in emerging markets such as Madhapur, Guttala Begumpet, and Khanamet, under the Serilingampally sub registered office.
The amount is now expected to double said an official from the R&S department. Similarly, rates ranged from Rs 50,000 to Rs 60,000 per square yard at Jubilee Hills whereas property (plots) were sold at Rs 2 lakh per square yard.
The land value at the fastest growing Nizampet is Rs 10,000 due to its proximity to Hi-Tec City while the market value in areas such as Dundigal was Rs 2,000 while Rs 20,000 is almost the same. Uppal and Quthbullapur register more documents in the eastern parts of the city. The registration rate in Nagole varies from Rs 9,000 to Rs 10,000. HMDA has sold its plots between Rs 30 000 and Rs 40 000 per square yard in the Uppal Bhagat layout close to Nagole.
After the Metro rail was launched, the demand for land in the neighbouring areas was huge and the prices of land increased rapidly. The government's land value is only Rs 9,000 in Kalyan Nagar, close to the Uppal Crossroad. Open plots, on the other hand, are sold for over Rs 70,000 and Rs 1 lakh which is located near the main road.
The R&S department proposes an increase in registration and stamp charges of 7% to 7,5% from the current 6%. The Government has now formed committees for the approval of the revised land registration rates, at the village, Mandal, and district levels.
By: Shailaja K
07 Jul 2021 | 605 Views