The Government of Telangana recommended the enhancement of property registration rates. The Registration and Stamps (R&S) Department seems to have reconsidered increasing land rates from 20% to 200% over the current registration fees. If Chief Minister K Chandrashekhar Rao approves the proposal, the spike in the land rates may come into effect from July second week instead of August 1st.
Land rates to advance in the state of Telangana
In many residential or non-commercial areas, the hike is expected to be around 100%, while it can go up to 200% in commercial areas. A 20% to 50% hike is expected in municipal and rural areas. Moreover, in Greater Hyderabad and HMDA limits, the hike can be around 100% and 200% in areas where transactions are registered.
The officials pointed also pointed out that there were huge variations between the registration value and the leading market value of the land. For example, Rs 30,000 per square yard for commercial land and Rs 20,000 per square yard for residential properties.
“The amount now is expected to be doubled,” stated an official from the R&S Department.
The land value is rapidly growing in Nizampet and is at Rs 10,000 as it is closer to Hi-Tech City, in areas like Dundigal the land value was at Rs 2,000 while the market value is at Rs 20,000. 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 Metro rail became operational, there has been a huge demand for properties in abutting areas and the land prices are skyrocketing. At Kalyan Nagar near Uppal crossroad, the Government land value is just Rs9,000. On the other hand, open plots are being sold over for Rs70,000 and it is Rs1 lakh close to the main road,” a sub-registrar said.
The R&S department proposed an increase in registration and stamp charges of 7% to 7.5% from the current 6% rate. The Government has now formed committees for the approval of the revised land registration rates, at the village, Mandal, and district levels.
Also, Read: Regional Ring Road to Uplift Hyderabad’s Infrastructure