Market Value of lands in Telangana are likely to be increased as Telangana Government is making property registrations costlier. The hike in land value can be increased from 30 to 50% based on the locality. So in case of urban areas this will be even more costly.
The file is already sent to Chief Minister’s Office for approval. The revenue department seeks increase in market value to meet budgetary targets of the stamps and registrations department. Government of Telangana has set a target of Rs.4200 Crores for revenue department this year and this is an increase of over Rs.1000 Crores than last year.
The new rates will come into enforcement from 1st of July. Now this has shocked the public and real estate agents as there is going to be a huge burden on consumers who are willing to purchase flats or independent houses.
Even last year, the hike was about to be implemented, but the plan was dropped after meeting with representatives of realty sector.Regarding this, Mr.C.Sekar Redday who is former national chairman of CREDAI says, “This land value hike will get more revenue and it will affect middle and lower middle class people. Government should not hike for at least 6 months.”
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