Market rate of properties in Telangana hiked
Market rate of properties in Telangana hiked, steep say builders
Telangana government enforced revised market values of properties in the state despite the industry body's pleas to postpone the rollout.
The hike ranges between 25% - 50% depending on the type of property, with high value and sighting maximum jump. Open plots and apartments saw a lower revision.
Official data exhibited the value of land in Kokapet's residential localities which now stands at ₹14,400 per square yard, which was about ₹10,000 until recently.
In Puppalaguda, the jump is higher. The revised market value is rebuilt at ₹21,000 per square yard, a straight-up 50% jump.
Some industry authorities asserted that new rates are much higher than that in a few cases, for example in the Kondapur-Gachibowli belt.
A project developer with lands in Shankarpally, where market values have been revised by 40%, from ₹2,000 - ₹2,800 per square yard said "This revision is going to push up the final price of properties significantly."
Another important developer stated that the overdue revision would've been done sooner if other coexisting changes, primarily stamp duty rates, wouldn't have changed.
The Registration and Stamps Department of Telangana is anticipated to earn ₹3,000 - 4,000 crores more after rates rise.
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