Revanth Reddy orders land price revision to promote real estate, generate revenue in Hyderabad

Hyderabad: Chief Minister A Revanth Reddy today ordered a revision of the market price of land to promote the real estate and construction sector in Telangana.

CM was chairing a meeting of Commercial Taxes, Stamps and Registration, Excise, and Mining departments on Thursday. Ministers Ponguleti Srinivasa Reddy and Jupalli Krishna Rao were also present.

The CM also discussed increasing land and property prices in Hyderabad as well as in other parts of the state. The Chief Minister enquired about low revenues generated through property registrations on par with the increased land prices. The officials brought to the notice of the CM about the missing link between the land’s market value and the actual prices during the sales.

The previous government had increased the land market value and registration charges in 2021. There is still a huge difference between the market value of land and the selling price in many places. According to the rules, the market value of the land has to be revised every year.

The Chief Minister ordered the officials to take steps to revise the prices of market value. He asked the Stamps and Registration wing to follow a scientific method in the finalization of the market value of the different lands. There should be different market values for agricultural lands, vacant lands, plots, and apartments.

The Chief Minister suggested that land market prices should be revised to promote the real estate and construction sector along with increasing revenue of the state. The CM also suggested studying the stamp duty which is being collected in other states and taking a call on either increasing the duty or reducing it.

The Chief Minister warned of strict action against those who evaded tax payments and resorted to corruption and irregularities in tax collection.

The CM asked the officials to prepare an action plan to increase tax revenue achieve the targets by the annual target and introduce reforms in the tax collection. The authorities have been asked to plug the loopholes in the revenue-generating wings.

The chief minister expressed his displeasure over not achieving revenue targets in the last financial year. The CM instructed the officials to hold a review of tax revenues and collections every month henceforth. The officials have been asked to set monthly targets and work hard to achieve the annual revenue targets set in the budget outlay.

The CM discussed the evasion of GST with the officials. He advised strict measures since the GST is one of the main revenue-generating sources for the state. From now onwards, the officials will organize regular field inspections and audit the tax collections to increase revenue from GST. The CM appealed to the traders to pay GST timely and warned the tax evaders to pay honestly.

The CM warned the officials not to repeat the mistakes committed in the past in the Commercial Tax wing and to ensure no corruption and irregularities came to light in the filing of the GST returns.

CM Revanth Reddy questioned the officials for not achieving the revenue targets despite the liquor sales being high during the election season in the last financial year. The CM ordered the officials to crack a whip against liquor smugglers and tax evaders.

The CM also asked the officials to ensure no shortage of workforce in the Sub-Registrar offices in the state. The CM and officials discussed the facilities provided at the sub-registrar offices opened in the rented buildings and amenities for the visitors. The Chief minister ordered the officials to identify the places procured for public utility and construct the advanced sub-registrar offices.

The Chief Minister directed the officials to ensure that there was no shortage of sand for the common man and small constructions. The Mining officials have been asked to increase the income from sand and curb illegal transportation and leakages in the supply of sand.