Telangana govt implements revised market rates of properties

On Tuesday, the Telangana government, despite appeals from industry bodies to delay the launch, went ahead and executed updated market costs of properties in the state. The growth ranged anywhere between 25% and 50% depending on the type of property, with high-value land observing a maximum hike. Open plots and flats witnessed a lower revision. As per the official data, the land value in Kokapet's residential localities, an upcoming realty destination in the city reached Rs 14,400 per square yard. It was around Rs 10,000 per square yard until recently. In Puppalaguda, which is already home to numerous high-rises and big-ticket housing projects, the increase is steeper. The updated market value here has been fixed at Rs 21,000 per square yard, a neat 50% hike. As per some industry developers, The new rates are much higher than that in a few cases. In the Kondapur-Gachibowli belt, for example, the market value of commercial properties fixed at upwards of Rs 26,000 per square yard was no more than Rs 12,000 to Rs 14,000 earlier. This update is going to push up the final cost of the property particularly, said a developer with projects in Shankarpally where the market value has been updated by 40%, from Rs 2,000 to Rs 2,800 per square yard. This belt is additionally a fast-developing real estate pocket sitting on the fringes of Hyderabad.They understand that this update was long due. But they would have been comfortable with it had other costs not been raised simultaneously, particularly stamp duty that jumped from 6% to 7.5%, said a well-known developer. The registration and stamps department of Telangana is likely to earn an additional Rs 3,000 to Rs 4,000 crore after the increase of rates. Image Source Also read: NMC not ready to waive tax on properties with less than 500 sq ft