Telangana government is likely to hike the market value for agriculture and non-agriculture lands to the tune of 20 % to 50% if the cabinet assents to the hike. It will come into effect very soon. In the recent past 2021, the Telangana government had earlier hiked the market value and stamp duties and now it is targeting to once again hike because of the boom in land values and its surge in the real-estate sector.
The government of Telangana, the stamps & Registration Department is expecting a revenue of about 10,000 crore rupees in this financial year and an additional revenue increase of 4000 crore rupees if the market value is hiked. Due to the possibility of a hike in the due-course, there is a humongous amount of registrations happening which is causing huge queues in offices and more revenue to the Government.
Since the inception of Telangana’s formation, the agriculture and non-agriculture land values had surged very quickly due to various reasons. For instance, the completion of kaleshwaram and other irrigation projects brought water for agriculture use which shot up the value to many folds. While in a non-agriculture sector the IT corridors development and investors investing in the west of Hyderabad has given a boost to the surge in Hyderabad metropolitan areas. In non-metropolitan areas, there is also an upward trend of purchasers of land with a prospect of their return on investment due to rapid urbanization, road connectivity, prosperity, awareness among the realty sector, normalcy from Cocid-19 effects.
After an earlier revision, the minimum value for agricultural land was fixed at Rs 75,000 per acre and the minimum value was fixed at Rs 1,000 per sq ft for flats. For open plots, the minimum rate was decided as Rs 200 per sq. yard. All the rates came into effect from July 22, 2021. Now once again there is a possibility of an increase in registration charges very soon.