Hyderabad: The state governments of both Andhra Pradesh and Telangana state are likely to bring in revised market value of land and properties from August 1. Senior officials of the stamps and registration department, who have submitted their proposals to the government, are awaiting a nod. The move is expected to bring increased revenue from stamps and registration department as the realty business has already seen an upward swing post formation of new governments.
Revision of market value rates are done to bring parity between government registered rates and prevailing market rates. Depending on the prevailing market rates, the value may differ anywhere between three to 25 per cent. “The file is with the government and once the decision is taken, the revised market value of land and properties will be introduced from August,” said the commissioner and inspector-general (registration & stamps), Telangana.
Depending on the trend of the market value of land and properties in the past few months, the registration values can go up and may also come down.
More than the land purchase, the latest revision of market value will have an impact on apartment transactions, said registrar officials of the twin cities divisions.
“The price revision of market value could be mainly seen in the purchase of apartments and complexes. More than 50 per cent area in the twin cities could see about Rs 100-200 per sft price value rise, while the market value of land would not see much difference as it has already accelerated in the past and has not changed much. About 10 per cent of the areas in the twin cities will see a rise in the land market value,” said a registrar of the Hyderabad division.
The last market value revision was done in the united Andhra Pradesh in March, 2013, but, it was put aside when the revision was challenged in the Supreme Court. However, when the order from the court reached the government the revised market value of land was already implemented in most parts of the twin cities.
Even the authorities of AP Registration & Stamps department have given their proposals for revised land market value to the government and are awaiting a decision. Both the states want to bring the new value by August.
