Hyderabad: The government issued orders on Tuesday to increase the market value of land for the first time after the formation of Telangana state. The new rates will come into effect on July 22.
According to GO MS No. 58, the lowest value for agricultural land has been fixed at Rs.75,000 per acre. In case of open plots, the lowest value of Rs.100/- per sq.yard has been revised to Rs.200.
The existing values for both agricultural land and open plots have been enhanced by 50 per cent in the lower range, 40 per cent in the mid-range and 30 per cent in the higher range.
The existing lowest value for flats and apartments was Rs.800/- per sq. ft which has now been revised to Rs.1,000. The increase here is by 20 per cent in lower ranges and 30 per cent in the higher ranges.
The stamp duty rate has been revised from 6 per cent to 7.5 per cent. It was pointed out the stamp duty rates was 11 per cent in Tamil Nadu, 10 per cent in Kerala and 7.5 per cent in AP.
All registrations which will take place on or after July 22 will be as per new rates. In cases where payments have been made for registrations and slots have been booked for July 22 and thereafter, a module titled “Additional payments for slots already booked” is made available in the Dharani portal for making additional payments. The differential amounts can be paid and transactions carried out on the slotted day.
The Chief Secretary and Special CS for revenue issued orders about the revised land and stamp duty rates. The government stated that the ‘Guidelines Market Value’, also known as ‘Basic Value’, for registration was last revised in 2013. In order to stabilise and augment growth in various sectors, the guidelines values were not revised, it said.
The Chief Secretary said taht owing to significant growth in IT, pharma, tourism, infrastructure, formation of new districts, and growth in other sectors, there has been a substantial appreciation of land values. New Irrigation projects have come up and vast areas of ayacut have been developed leading to considerable increase of land values.
The CS stated that after the elaborate and detailed exercise has been carried out for revision of the basic value. The officer said that the exercise has been done in accordance with Telangana Revision of Market Value Guidelines Rules.