The State Cabinet has taken a final decision on hiking registration rates and upward revision of land values. The Cabinet, according to sources, discussed at length the proposals submitted by the Registration and Stamps wing of the Revenue department for enhancing the registration values which remained constant since the formation of the State.
The registration charges are proposed to be increased to 7.5 % in place of the existing 6 % of the value of the property. The Finance department too mooted the proposal as registration charges remained constant in Telangana when other States, including neighboring Andhra Pradesh, revised them several times in the past few years.
The government had taken cognizance of the officials’ report that there was a huge variation in the land prices fixed by the government and the actual market value. As a result, registration of properties was being recorded as per government value, but the actual value of the registered property was much higher thereby impacting the government’s revenues.
With the increase in the registration charges the Registration and Stamps Department is expecting an additional revenue to the tune of ₹ 3,000 crore to ₹ 3,500 crores during the current financial year consequent on the upward revision of the land prices and registration charges.