On the 20th of July, the Telangana Rashtra Samithi (TRS) Government revised the land value in Telangana.
The new land value in Telangana would be ranging from 30% to 50%, after conducting a detailed review. In regard to this, the TRS Government issued a notice, which read, “An elaborate and detailed exercise has been carried out for revision of the basic value. The exercise has been done in accordance with Telangana Revision of Market Value Guidelines Rules.”
Issued on the evening of the 20th of July, Tuesday, the notification read, “For agricultural land, the existing values have been enhanced by 50 percent in lower range, 40 percent in mid-range and 30 percent in higher range.”
With this, the lowest price for agricultural land (per acre) is estimated at Rs. 75,000. Likewise, the cost of open plots have been revised from Rs. 100 per square yard to Rs. 200 per sq yard.
In addition, the lowest value for flats and apartments has been set at Rs.1,000 per sq ft, increased by 20 %. Previously, the prices of flats and apartments were at Rs. 800 sq feet.
An official of the TRS Government close to the development said, “The Cabinet Sub Committee, after detailed deliberations, recommended enhancement of stamp duty rates. After careful consideration of the matter, stamp duty rates have been revised to 7.5 percent from 6 percent for sale and other transactions.”
According to sources, the Telangana Government claimed to have the lowest stamp duty rates in India. The sources also say, the decision to revise land rates was taken in the wake of significant growth of the Information Technology (IT,) pharmacy industry, tourism, infrastructure projects, formation of new districts and development in other sectors.
With this, the hotspot areas of Hyderabad like Jubilee Hills, Banjara Hills, Madhapur, Film Nagar and Kondapur would have high rates of land and apartments with a 40 % rise in registration. Whereas, in areas like Uppal, Old City, Peerzadiguda, Boduppal and other parts like Quthbullapur and Suraram, the registration rate has been increased to 50%.
The new revised rates of land in Telangana would come into effect from the 22nd of July, Thursday. With this, the registration of the plots and lands after the 22nd of July, would be as per the new revised rates, even if the booking of the plots has been done ahead of the 22nd of July.
Stay tuned for further updates.