Hyderabad: The Telangana government has revised the land rates in the state. The new market rates will come into effect from 22 July.
All registrations which will take place on or after 22 July 2021 will be as per the new rates even if slots have been booked and payments have been made earlier. In cases where payments have already been made for registrations and slots booked for 22 July 22 and thereafter, a module titled "Additional payments for slots already booked" is available on the Dharani portal for making additional payments. The differential amounts can be paid and transactions carried out on the slotted day.
The lowest value for agricultural land has been fixed at Rs. 75,000 per acre. For agricultural lands, the existing values have been enhanced by 50 per cent in the lower range, 40 per cent in the mid-range, and 30 per cent in the higher range.
Likewise, in case of open plots, the lowest value was Rs. 100 per square yard which has now been revised to Rs. 200 per square yard. The basic values for open plots have been revised by 50 per cent in the lower range, 40 per cent in the mid-range, and 30 per cent in the higher range.
The existing lowest value for flats/apartments was Rs. 800 per square yard which has now been revised to Rs. 1,000 per square yard. In case of flats/apartments, the increase is by 20 per cent in the lower ranges and 30 per cent in the higher ranges.
"After the formation of the new state of Telangana, there has been a substantial appreciation of land values owing to significant growth in IT, pharma, tourism, infrastructure projects, formation of new districts, and growth in other sectors. New irrigation projects have come up and vast areas of ayacut have been developed leading to a considerable increase in land values," said the government.
It added that the 'Guidelines Market Value' also known as 'Basic Value' for registration was last revised in 2013. In the nascent years of the state, in order to stabilize and augment growth in various sectors, the guidelines values were not revised. "Now, an elaborate and detailed exercise has been carried out for revision of the basic value. The exercise has been done in accordance with the Telangana Revision of Market Value Guidelines Rules," said the government.
It also said that the stamp duty rates in the state are amongst the lowest in the country. In the neighboring states, the duty rates are much higher – 115 in Tamil Nadu, 10% in Kerala, and 7.5% in AP. The Cabinet sub-committee, after detailed deliberations, recommended revising the stamp duty rates to 7.5 per cent from 6 per cent for sale and other transactions.