Hyderabad: Market value of land to go up

Hyderabad: Telangana Government is all set to enhance the market value of agriculture and non-agriculture lands and registration charges from August.

The Cabinet Sub-Committee on the Mobilisation of Financial Resources on Tuesday recommended the government increase the land value. The government feels that this could help ease the financial crisis which the government is facing due to the impact of the second wave of Covid. A final decision on the recommendations of the sub-committee would be taken by Chief Minister K Chandrashekar Rao. Officials said the government was mulling to increase revenues from property registrations by Rs 4,000 crore to 5,000 crore in addition to the annual target of Rs 12,500 crore this year. The registration and market value of the Flats and Apartments would also go up once the CM gives his final nod.

The market value of the land would be hiked based on the demand in the commercial and residential areas in every town and village.

For instance, the land value would be high in the Hi-Tec City in Hyderabad where the commercial activity was fast-growing and the land value in the residential area in Jubilee Hills and Banjara Hills would be the highest among all places in the State as the demand for construction of residential apartments and villas was huge. Officials said that the agricultural land values would also be revised and the farmland in and around the Greater Hyderabad limits, and the canal-irrigated areas under Godavari and Krishna would be doubled in the wake of increasing property transactions particular in Karimnagar, Warangal, Khammam, Medak, Nizamabad and Nalgonda districts.

The market price of land has not been revised in Telangana since the bifurcation of Andhra Pradesh. The last revision of land value was in 2013. Even though the market value quoted by the realty sector was high during the registrations, officials said that the government was losing revenue due to the non-enhancement of the market value of the properties. The sub-committee observed the neighbouring Andhra Pradesh revised the land values and registration charges twice in the last six years. Currently, Telangana was collecting 6 per cent registration charge on property registration and it is likely to be increased to 7 per cent.

The Stamps and Registration department had conducted a study on the growing land values and prepared an area-wise report to revise the values. It may be mentioned here that to meet the growing financial needs, mainly the implementation of Rythu Bandhu and Aasra pensions, the State Government requires huge funds. Revision of land value and registration fee would help the government in overcoming the financial crisis, the sub-committee opined.