The government of Telangana will soon be revising property registration rates. In its proposals to Chief Minister K Chandrasekhar Rao for the promotion of land registration, Finance Minister T Harish Rao headed the cabinet sub-commission on resource mobilizing. The new values will take effect from August 1st, if everything goes as planned.
Govt Plans to Increase Property Registration Rates
The government collects 6% registration and stamp charges for the registration of both agricultural and non-agricultural land and other buildings, such as the flats of buyers.
The land values were last revised for the property registrations in 2013. Although the land market rates have exponentially risen in the last couple of years, and the law provides for a revision of the rate every two to three years, the values for registration even after Telangana formation have not been modified.
For the last year, the government has planned to increase land registration rates. The pandemic and the subsequent lockdown prevented it from going ahead last year. The CM formed the Resource Mobilization Committee, mainly to get more income since over the past year the state lost more than Rs 50,000 crore.
The AP administration had seven times over the past 8 years revised land registration rates and increased their registration fees to 7.5%. Tamil Nadu gets 7.5% and Maharashtra 7%.
Official sources have confirmed the Department of Registration has submitted the government with a district revised rate proposal and awaits the clearance of the government.
By: Shailaja K