Overview of Upcoming Changes
From August 1, new registration rates for lands and properties in the state will come into effect. This follows a comprehensive revision process that began on the 18th of this month. The process is now in its final stages, with the final values to be determined and confirmed by field committees on the 29th of June. These values will then be sent to the state government for approval.
Land Values Hikes in Telangana
Land prices across the state are set to see a substantial increase. The Department of Stamps and Registrations has categorized agricultural lands into three distinct groups to revise their values appropriately: agricultural lands in villages, agricultural lands adjacent to state and national highways, and lands earmarked for ventures.
This categorization helps in setting a more accurate and fair value for different types of lands based on their location and potential usage.
Agricultural Land Values
- Village Agricultural Lands: The minimum price for an acre of agricultural land in villages has been set at Rs. 4 lakhs. This base price is uniform across the state, except for specific agency regions which might have different considerations.
- Lands Adjacent to Highways: Agricultural lands that are adjacent to state and national highways will see a significant price hike. The revised rates for these lands are set to be between Rs. 40 lakhs and Rs. 50 lakhs per acre. The increased value reflects the strategic importance and higher market demand for lands located near major transportation routes.
- Lands for Ventures: For lands that are ready for development into ventures, the price per acre is set to be up to Rs. 1 crore. This category includes lands that have a high potential for commercial development, making them considerably more valuable.
Residential Land and Apartment Rates in Telangana
In residential areas, the prices have been revised to reflect the current market trends. The new rates are as follows:
- Residential Land: The price per square yard in residential areas is set at Rs. 1000. This rate is applicable across various residential zones in the state.
- Apartments: For apartments, the price per square foot is set at Rs. 1500. This revision ensures that the property values are in line with the prevailing market conditions and the demand for residential spaces.
Special Considerations for Agency Areas
In agency areas, which often have different economic and developmental dynamics compared to other regions, the minimum value for a square yard has been proposed at Rs. 500. This takes into account the unique circumstances and requirements of these regions, ensuring that the revised rates are fair and equitable.
Government’s Approach to Market and Government Value Discrepancies
One of the key motivations behind this significant rate revision is to address the considerable discrepancies between market values and government-registered values. In many parts of the state, there has been a noticeable gap between what properties are sold for in the market and the values recorded in government registries.
By updating the registration values, the government aims to bridge this gap, ensuring that official records more accurately reflect the actual market conditions. This move is expected to bring more transparency and fairness to property transactions.
Completion of the Revision Process
The revision process is scheduled to be completed on the 29th of this month. On this day, the field committees will finalize the revised values and submit them to the state government. This step is crucial as it involves thorough verification and confirmation of the proposed values to ensure their accuracy and fairness.
Public Feedback and Final Implementation
Once the revised values are approved by the state government, they will be uploaded to the official government website. This will allow the public to view the new rates and provide their opinions and objections. The government is committed to considering public feedback and making necessary adjustments before the final implementation of the new rates.
Preparations for the August 1 Rollout
The Department of Stamps and Registrations is preparing for the transition to new registration rates starting August 1. This involves updating systems, training staff, and informing the public about the changes.
Conclusion
The upcoming revision of land and property registration rates aims to ensure fair and transparent property values by categorizing lands appropriately and addressing discrepancies between market and government values. The new rates, effective from August 1, will play a crucial role in shaping the future of land and property transactions in the state.
Frequently Asked Questions (FAQ’s)
Ans: The new registration rates will come into effect from August 1, 2024.
Ans: The minimum price for an acre of agricultural land in villages is set at Rs. 4 lakhs.
Ans: The price for lands adjacent to highways will range from Rs. 40 lakhs to Rs. 50 lakhs per acre.
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