Cost of property registration in TELANGANA may need your urgent attention!

Hyderabad: The registered value of land and property in Telangana will soon rise sharply. According to official sources, the registered value of houses, apartments, vacant land, agricultural land, and commercial properties will increase by 30% to 400% depending on the location.

The Cabinet sub-committee on resource mobilization led by finance minister T. Harish Rao, followed by Minister KT Rama Rao, Vemula Prashanth Reddy, Chief Secretary Somesh Kumar, Inspector General of Seals and Records V. Sheshadri, and heads of various departments. On Tuesday, he recommended that the government increase agricultural, non-agricultural land and residential and commercial properties. In keeping with the growth of market value in the past eight years, the registered value was revised for the last time in the undivided AP in 2013, resulting in a large gap between the government value and the market value of land and property. Years.

The new rate may take effect from August 1. According to sources, after the country's secession in 2014, Andhra Pradesh has modified the registry values seven times. The Cabinet Committee meeting at Dr. Marri Channa Reddy's Human Resource Development Institute (MCRHRDI) to discuss this issue noted that Andhra Pradesh and Maharashtra have a record value of 7% and Tamil Nadu’s 7.5%.

The committee pointed out that since Telangana has not reviewed the registered value in the past eight years, the gap between government value and the market value of land and property has increased significantly and should be narrowed by increasing the value. Registration. The value of hundreds of thousands of land and property registrations is higher than the government-regulated fees, and it is only observed within the scope of HMDA that 51% of registrations in 2019-20 were completed in this way. 

The committee pointed out that because the registered value is much lower than the market value, homebuyers face problems in obtaining bank loans. In addition, due to the construction of irrigation projects and the launch of new agricultural extension programs, the value of agricultural land in the state has increased significantly. Similarly, due to the flow of new investments and industries, the value of land and property around Hyderabad has risen sharply. All these factors prove that the state government has reason to increase the registered value based on market value. The committee has decided to submit a report to Chief Minister K. Chandrashekar Rao to include these recommendations for final approval.