Like a palm falling on a barking fox, another thunderbolt is about to fall on the already depressed real estate sector. Market values of land are going to increase unexpectedly in the state.
- Massive registrations guaranteed!
- The government has already prepared proposals
- Effective any time after May 10
- If not in May, then in June.
- Real estate is groaning Congress government is another thunderbolt on the sector
Hyderabad, April 24 (Namaste Telangana): Like a palm falling on a barking fox, another thunderbolt is about to fall on the already depressed real estate sector. Market values of land are going to increase unexpectedly in the state. There is a concern that the government’s decision to increase the market value of land without considering the facts will become dangerous for the future and development of the state. As part of revenue mobilization for the state exchequer, the government is preparing to put a heavy burden on the registration department.
The market value of agricultural land is about to triple, and the market value of non-agricultural assets and houses is going to increase further. With this, they are going to become more popular with common people. Even though the sub-committee has given a green signal that the market value of land and property can be increased immediately, authorities say that there are many hurdles to implement the increase. Telangana Registration Department IG Rajiv Gandhi Hanmantu, who is currently participating in the West Bengal election duties, will return to the state on May 5, while the report of the Arvind Subrahmanyan Committee, which is studying the increase in market values, will report to the government on the 10th of the same month.
This means that any moment after May 10, there is a possibility that the decision to increase market values by 300% in towns and cities and more than 100% in rural areas will be implemented. Without looking into these obstacles, the sub-committee on increase of revenue sources directed the registration department to increase the market values two days ago. There is a concern that if the increase is applied based on the report given by the private agency without a comprehensive study of the possibilities, good and bad, the real estate sector in the state will further decline. However, the government is preparing to increase the market value of lands, immovable properties, apartments and flats in the state from May 10 or at least one month later. In this regard, the Resources Mobilization Sub-Committee held on Friday issued key instructions to the Registration Department.
If you want to sell…
As a result of the policies of the Congress government, the real estate sector in the state is facing a dire situation. The latest uncertain situation is a blow to those selling agricultural lands, open plots and houses due to emergencies. Many reports reveal that lakhs of plots and houses have already been bought or sold. In these circumstances, there is concern that if the latest increase proposals are implemented, it will become a hindrance to the future and progress of the state. Realtors say that if the current market prices become a burden for the buyers, if their value is increased further, there will be strong opposition from the people.
Controversial decisions taken by the Congress government after coming to power and Hydra’s actions have damaged the real estate sector as well as the financial condition of the state. The real estate sector has collapsed and many projects have come to a standstill. As a result, no national or international organizations are coming forward to invest in real estate. In this situation, the government, which should reduce the land value and registration charges, is doing the opposite.
Next month…or June…
According to the latest decision of the government, the market values of agricultural and non-agricultural lands will increase significantly in May or June. The government, which has already prepared the proposals, is preparing to implement them soon. The government is taking steps towards public welfare without any foresight of income. As a result, the market value of agricultural land in all areas will increase up to three times, and the prices of residential areas within the outer ring road will also get wings. It is proposed to increase the value of agricultural and non-agricultural assets by three-fourths. It is reported that the prices of apartments and flats are likely to increase slightly.
More than three times in rural areas… It is also dear in Hyderabad…
It is reliably known that the current market value of Rs.6 lakh per acre in rural areas is going to be increased to Rs.18 lakh. In core urban areas Rs. It is known that the market value of an acre of land worth up to 20 lakhs is going to increase by more than 300%. All set to increase residential property prices by up to three times in all areas under ORR. The regional ring road, regional ring rail and Bharat Future City, which are still in the proposal stage, will be shown and the market value of those lands will be greatly increased.
2,200 per SFT in apartments with a market value of Rs. 2,800 is going to increase. The impact of this increase will be more on the people of core urban areas. The average price of a square foot flat in cities will be increased from Rs.3 thousand to Rs.6 thousand with a 100% increase. In areas where the price per square foot is Rs.1,800, it will increase by 300% to Rs.5,400. In Kondapur and Gachibowli, the current market value of a yard of land is Rs.26,700, while that of commercial land is Rs.44,900. Proposals to increase these prices by 100% are being considered. In areas like Maheswaram and Mokila, a square yard is Rs. More than 6 thousand. In Narsingi and Manikonda, the price of a square yard will increase by more than Rs.60 thousand. A total of 39 registration offices in the core urban area will be subject to a huge increase.
Special discount for adults!
It is reported that the government, which is thinking towards benefiting the corporate forces, is planning to reduce the values of commercial space. There is a possibility of reducing the current price of Rs.7 thousand per square foot to Rs.6,500. This reduction will benefit traders and industrialists. In the last two and a half years, the real estate sector in the state has reached its lowest level. With prices falling to an all-time low, the number of registrations is dwindling. Even in Hyderabad, which is already the main source of revenue for the registration department, the real estate sector has completely slowed down due to the hydra effect.
The national and international companies that queued up for Hyderabad during the BRS regime are now shifting their investments to Andhra Pradesh and showing reluctance to come to Telangana. As a result, the income from registrations, which is crucial for the state’s revenue, has decreased. However, the government has set a target with huge expectations in the budget and is ready to increase the market value of land to achieve it.
Market value propositions for agricultural lands and other assets are as follows.
