Telangana land registration may surge around 200% over current rates

The registration and stamps (R&S) department is considering increasing land rates between 20% and 200% over current registration rates, just one day after a cabinet sub-committee on resource mobilisation recommended increasing property registration values in the state. According to a senior official, now that Chief Minister K Chandrasekhar Rao has approved the proposal, the hike could begin in the second week of July rather than August 1. The hike could be 100% in many non-commercial areas and residential colonies, 200% on commercial roads, and 20-50% in rural and municipal towns. In areas where more documents are getting registered, the hike in Greater Hyderabad and HMDA limits could be between 100% and 200%. Officials explained that the maximum land registration values were Rs 30,000 per sq yd for commercial land and Rs 20,000 per sq yd in residential colonies in upmarket areas like -- Madhapur, Guttala Begumpet, and Khanamet that comes under Serilingampally sub-registrar office. An R&S official told the media that the market rate in these areas is Rs 1 lakh per sq yard in residential colonies and more than Rs 2 lakh in commercial areas. The amount is expected to be doubled soon. The land value in the fastest-growing Nizampet is Rs 10,000, thanks to its proximity to Hi-Tec City, whereas it was only Rs 2,000 in Dundigal, despite the market value being nearly Rs 20,000. More documents are getting registered at the Uppal and Qutubullapur sub-registrar offices in the city's eastern reaches. The land registration rate in Nagole is between Rs 9,000 and Rs 10,000. HMDA sold plots in the Uppal Bhagat layout near Nagole for Rs 30,000 to Rs 40,000 per sq yd. The R&S department is proposing a 7% increase in registration fees and stamp duty, up from the current 6%. The government has formed committees to approve the revised land registration rates at the village, Mandal, and district levels. Image Source Also read: Housing sales rise 93% Y-o-Y in Q2 2021, but dip 58% Q-o-Q amid 2nd wave Also read: Bengaluru Development Authority doubles property tax