The Telangana government is all set to increase the market value of land by 50 per cent in areas falling under the Greater Hyderabad Municipal Corporation (GHMC) and by 50-100 per cent in other smaller municipal corporations and municipalities in the State.
The market price of land has not been revised in Telangana since the State formation. The last time the market value was revised by the government was on April 1, 2013, which is still being followed though the market value quoted by the real estate businessmen has increased manifold.
The revision of the market value by the State government and the resultant rise in land value is expected to increase the funds flowing into the government’s coffers through Registration and Stamps Department by at least Rs 3,000 crore.
Registration fee hike unlikely
The department has been requesting the government since the past four to five years to revise the land rates and increase the registration fee.
However, while the government is looking to revise the market value of lands, the registration fee is not expected to be increased from the current rates.
Nonetheless, the revision of market value would lessen the gap between the government price of land and the market price quoted by real estate developers. This would result in an increase in the money received through land registrations.
The revenue receipts from the Registration and Stamps Department remained low this year due to economic slowdown. In the FY 2019-2020, it received a revenue of Rs 5,989 crore.
Source : NIE
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