Fearing hike, rush to register assets
Deccan Chronicle.| L. Venkat Ram Reddy
The number of property documents being registered and revenue earned has almost doubled in the last three days
Sub-registrar offices are witnessing heavy rush over the last three days amid rumours of a possible hike in the market value of agriculture and non-agriculture land and apartments among others from February 1. (Representational Photo:DC)
Hyderabad: Sub-registrar offices are witnessing heavy rush over the last three days amid rumours of a possible hike in the market value of agriculture and non-agriculture land and apartments among others from February 1. There has been no announcement so far regarding a hike in the rates.
The idea is to complete pending registrations to avoid paying higher registration charges. With this, the revenue earnings of the government through stamps and registrations department have soared to record levels.
The number of property documents being registered and revenue earned has almost doubled in the last three days, sources said.
On Tuesday, 4,506 documents were registered across the state, which fetched the government Rs 29.64 crore revenue. The government has been earning Rs 30 crore per day on average for the last three days against Rs 15 crore to Rs 20 crore at normal times.
This month, 78,542 documents have been registered till January 25 for which Rs 613 crore was paid to the government. On the whole, in the current fiscal, from April 1 to January 25, as many as 9.37 lakh documents were registered valued at Rs 6,926 crore.
The government has not made any announcement about revision of market values, or that the new rates will come into effect from February 1. However, permission given by the government to the stamps and registration department to submit proposals on revised market values led to the rush, sources said.
Top officials of the stamps and registrations department held a meeting on Thursday last and directing sub-registrars in the districts to furnish revised market values within a week. Sources said this fuelled speculations.
The government had hiked market values six months ago, in July 2021, after a gap of seven years. Few expected a second hike in the same fiscal 2021-22.
There is a buzz in revenue department circles that the sub-registrars had proposed minimum market value of agriculture land at Rs 1.20 lakh per acre against Rs 75,000 currently. In mandals, the minimum value proposed is Rs 3.75 lakh per acre, vacant land tax per square yard at Rs 1,500 to Rs 2,000, for RCC buildings Rs 900 per sq.ft, for sheds Rs 600 per sq.ft.
In a few other mandals and villages, where there is a realty boom, wher the minimum values are Rs 2 lakh, Rs 7 lakh, Rs 16 lakh and Rs 33 lakh per acre, it was proposed to increase them to Rs 3 lakh, Rs 10 lakh, Rs 23 lakh and Rs 47 lakh per acre respectively.
It is expected that the revised proposals will be submitted to Chief Minister K. Chandrashekar Rao by January 29 and the CM will hold a meeting by January 30 to discuss and approve proposals so as to bring revised market values from February 1.