- Registration Dept prepares a draft on fee hike
Hyderabad: The real estate is booming in Telangana state as property prices are considered to be affordable in Hyderabad when compared to metro cities. Further, the MNCs are making a beeline to the city for setting up their centres or expanding operations. Telangana Registration Department has prepared four reports on property prices and proposed a hike in the registration fee. Depending upon the area and demand, the registration fee may rise by up to 40 per cent, according to the sources. Telangana government gets Rs7,000 crore revenue from the property registrations. If the government hikes registration fee from January 2020 onwards, the additional revenue is likely to be Rs1,000 crore in the three months till March 2020. The registration department already reached Rs5,100 crore during the current fiscal so far.
The Registration Department has prepared four reports classifying properties into agriculture, non-agriculture, flats and lands.
The registration fee would not be uniform as it varies from place to place. The 141 Sub-Registrar offices across Telangana prepared four types of reports on their purview of area. Based on the reports, the state government will make a decision.
“The registration value is Rs60,000, but it can’t be hiked by 100 per cent. May be up to Rs36,000 hike in the areas with high-value properties. The government is cautious over increasing the registration value. 25-40 per cent hike over the average property registration value is possible.
District collectors and top officials are busy in assessing the land values. Based on the suggestions from the Collectors and Revenue officials, the TRS government will make a decision on property registration values.
The officials are working on four parameters in deciding the property value. The square fee price was depending upon the area, land value in the open market, the average of registration values in the past three years and higher prices recorded during the past three years.