Land Rates | The state government is ready to throw another thunderbolt at the people who have believed and voted. The Council of Ministers has approved the increase in the market values of lands and properties in the state from 26th of this month.
Land Rates | Hyderabad, May 4 (Namaste Telangana): The state government is ready to strike another thunderbolt against the people who voted with faith. The Council of Ministers has approved the increase in the market values of lands and properties in the state from 26th of this month. The burden of increasing registrations will fall across the board regardless of whether it is rural or urban. Arvind Subrahmanyam’s report was discussed in the cabinet on Monday. Allowed to increase the market values by two or three times.
The government has decided to triple the prices of agricultural land and double the burden on non-agricultural plots, houses and flats. The green signal has been given to increase the price of an acre from Rs.1 lakh to Rs.3 lakh in villages and the land price from Rs.6 lakh to Rs.18 lakh in cities. This increase is the first step and the cabinet discussed the recommendation to increase it again this year. But it decided to revise the market values only once a year and increase the prices. Recently, the TGIIC and HMDA auctioned lands in Kokapet and Khanamet which fetched more than Rs.150 crores and discussed the possibility of increasing their prices.
Rs. 29 thousand crore revenue target.
The prices of agricultural lands, non-convertible lands, highways and habitable land will increase as standard. The latest increase will be a burden for the people of the core urban area. Agricultural lands in GHMC, MMC and CMC will increase by more than 300 percent, house plots by 150 to 200 percent and apartments by 50 percent per square feet. There will be an increase of over 300 percent in the area of Regional Ring Road and Future Cities of India. The prices of open plots and houses are likely to increase three times. The price of apartments will increase from Rs.2,200 to Rs.2,800 per square feet. In areas like Gachibowli and Hi-Tech City, it will increase by more than Rs.8 thousand. The government has sketched out that this year’s revenue for the exchequer is Rs. It is reported that stamp duty should be slightly reduced for women and industrial use lands should be reduced slightly.
Big impact on real estate
Criticisms are being heard that the real sector is bound to fall further due to the revision of values that is being done without considering the reality, regardless of whether it is rural or urban. The sale of agricultural land has already slowed down in the state. The transactions of flats, plots and houses in the cities are also going down in a similar manner. However, without a comprehensive study at the field level, opinions are being expressed that the increase will be implemented only keeping in view the revenue, which will have a negative impact on the state’s economy.
