Govt set to hike land value by 20%
Realtors are worried over the proposal to hike registration and stamp duty.
Oct 24, 2012
Source : The Times of India

 

HYDERABAD: After enhancing fee for encumbrance, marriage certificate and other services of the registration and stamps department a couple of months ago, the state government is contemplating increasing land value, both agriculture and non-agriculture, for registration purposes soon. If land value is increased, property buyers will have to pay more towards registration and stamp fee. 
 
Revenue officials said land values were last revised two years ago in August 2010 and since then revision has not taken place due to various reasons. Then, the state government had decided to increase basic land value annually on August 1. The registration and stamps department had prepared proposals by July-end this year. However, revision of land values was kept on hold in view of hike in EC, marriage certificate, gift deed and other services this year. 
 
"When the proposals for revision of land values were prepared in July, the district registration authorities were asked to enhance up to 60% over the prevailing land rates. However, rates are likely to be increased by 20% on the existing land value next month," a senior official of the registration and stamps department told TOI. 
 
For instance, government value in Ghatkesar area is Rs 2,300 per square yard, which is likely to be increased to Rs 2,700 per sq yard. Similarly, in Almasguda village near L B Nagar it is Rs 1,750 per sq yard, it might be revised to Rs 2,000 per sq yard. 
 
Sources said details of land registrations (transactions) in various sub-registrar offices, especially in surrounding Rangareddy district, were taken for the revision of land value recently. For instance, the number of transactions was more in areas abutting the Warangal state highway like Boduppal, Medipally and Ghatkesar where rates would be increased. Similarly, land value in Shamirpet, Medchal, Kukatpally, Serilingampally and Gachibowli would be enhanced. In areas like Shamshabad, Maheshwaram, Hayatnagar mandals, the rates might remain unchanged as there were not many transactions. 
 
On the other hand, realtors are worried over the proposal to hike registration and stamp duty. "Real estate started gathering momentum just recently. If the registration and stamp duty is hiked, there will be some impact on prospective buyers," Vittal Das, a realtor from Ghatkesar, said. 

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