Land values set to rise by a minimum of 10% from Jan 1

Ongole : The state government is going to increase the cost of land in the state, from the start of the New Year 2025. The department of registrations and stamps has already prepared a set of rates that may be finalised after receiving objections and suggestions from the public.

Usually, the land rates would be revised on August 1 every year in urban areas and in around two years in rural areas. The NDA government feels that there are discrepancies between registration values and market values revised in the YSRCP government, and wants to correct them.

The government appointed district level special committees led by the joint collectors, to revise the values based on the market conditions, proximity to the growth corridors, and the local development opportunities, and adjust them upward or downward as needed. The committees in many districts have surveyed and decided to suggest a minimum hike of 10 per cent to a maximum of 20 per cent in registration value.

Prakasam district registrar Alla Balanjaneyulu said that the committee would display the suggested hike in registration rates at the notice board of the sub-registrar offices on December 20, and receive the objections and suggestions from the public up to December 24. He said they review the public response on December 26 and finalise the rates on December 27. He said the revised rates would come into force from January 1, 2025.

The state government has earned Rs 10,005 crore in 2023-24 through registrations and it is expected to cross Rs 15,000 crore in 2024-25.