The government is swiftly moving to revise land market values in the state. To ensure that the new valuations are accurate and reflect current market conditions, a comprehensive field study has been planned. This study will assess the present prices in various regions and determine the extent to which these values can be adjusted. The decision to undertake this study and subsequent revision comes from an understanding that there is often a substantial discrepancy between government-implemented market values and actual market prices.
Field Study Initiative
Revenue Department Principal Secretary Naveen Mittal, on Tuesday, directed the Stamps and Registrations Department to initiate this exercise. The field-level officials will scrutinize the differences between the market values currently enforced by the Stamps and Registrations Department and the real-time market prices prevalent in the field. The new values will be set based on the recommendations of the Central Valuation Advisory Committee, following the guidelines specified in the Telangana Land Valuation Guidelines-1998.
Formation of Committees
To streamline this process, committees will be formed at both the district and mandal levels. At the district level, the committees will be chaired by the District Collector, while at the mandal level, the Sub-Registrar will take the lead. These committees are tasked with conducting a thorough examination of the land values in their respective areas and submitting detailed proposals on the revised values to the government. The government is targeting a decision on these proposals by the end of this month, ensuring that the revised values are implemented promptly.
Focus on Agricultural Lands
One of the significant areas of focus for this revision is agricultural land. It has been noted that there is a considerable gap between the actual market value of agricultural lands and the values currently implemented by the government. During the last market value revision in 2021-2022, the minimum price for agricultural lands was set at Rs. 75,000 per acre. This revision saw an increase of 50% in areas with lower prices, 40% in mid-range areas, and 30% in higher-priced regions. Given the continuing disparities, there is substantial potential for increasing the market value of agricultural lands once again.
Revision of Vacant Land Prices
The prices for vacant lands have also seen significant adjustments in the past. Previously, the prices were increased from Rs. 100 to Rs. 200 per square yard. In areas with very low initial prices, the increase was 50%, while mid-range areas saw a 40% hike, and high-priced areas experienced a 30% increase. The upcoming revisions are expected to follow a similar pattern, particularly in the outskirts of Hyderabad, where the actual market prices are significantly higher than the current government-assigned values.
Apartment Value Adjustments
For apartments, the previous revisions saw an increase of 20% to 30%. However, experts suggest that this time the increase might not be as significant. This is because the apartment market has not experienced as dramatic a shift in values compared to other types of land and property. The adjustments are likely to be more moderate, reflecting more stable market conditions in the residential apartment sector.
Conclusion
The government’s proactive approach to revising land market values aims to bring greater accuracy and fairness to property valuations across the state. By conducting thorough field studies and leveraging the expertise of district and mandal-level committees, the government hopes to ensure that the new valuations are both realistic and equitable. These adjustments are anticipated to have a significant impact on the real estate market, benefiting landowners and developers by providing a more transparent and accurate reflection of land and property values.
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