Huge increase in land prices
RSD-Hyderabad news: The exercise has started at the official level on the increase in land registration values in the state. As Chief Minister Revanth Reddy has already given the green signal for the increase, discussion has also started in the real estate circles regarding how much the registration value of lands, buildings and other properties will increase. According to reliable sources, the registration values of agricultural and non-agricultural lands are likely to be increased by 50 to 100 percent. The differences between the open market value and the registration value will be scientifically examined and an estimate will be made as to what percentage should be increased. It is reported that the authorities are of the opinion that where there is a huge difference between the market value and the registration value, it should be increased by more than one hundred percent.
Land registration values have been increased twice in the year 2021 and 2022 in the state. After that, it was not increased in 2023 as it was an election year. There is an increase of 30 to 50 percent when it is hiked on July 22nd, 2021. After that, when it was increased on February 1st , 2022, the land registration prices also increased by 100-150 percent in the villages merged with the municipality. 15,000 crores of revenue to the state exchequer from the stamp registration department in 2023-24. It is basically estimated that if the property registration values are revised, the income can be increased by another Rs.2000 crores. When increased in 2021-22, the revenue from registrations increased to Rs.12,370 crore. The revenue of the previous year which faced the Corona disaster was Rs.5,200 crores. In 2021, along with property registration values, stamp duty has also been increased by 1.5 percent. Now the government is thinking of revising only the property registration values. The government has a mechanism to increase the registration values of properties. Committees will be formed under the chairmanship of Additional Collector and RDO in each district.
These committees work under JC (Additional Collector) in urban areas and RDO in rural areas. The State Level Advisory Committee consists of Commissioner as Chairman, Commissioner of Land Revenue as members and Joint Inspector General of Registrations as Convener. The Committee for Urban Areas has Joint Collector as Chairman, Municipal Corporation Commissioner, Vice-Chairman of Urban Development Corporation, Municipal Commissioner concerned and Sub-Registrar as Committee Convenor as members. The rural areas committee has RDO as chairman, MMARO, NDO, district registrar, audit sub-registrar as members and respective sub-registrar as committee convener. Cantonment areas also have committees. The committees will examine the open market values and existing registration values of agricultural lands, plots and apartments within their jurisdiction. Where the gap between the two is smaller, a lower increment is indicated. Where there is more, a drastic increase is recommended. The government will examine these at the highest level and take a final decision on the amendment. After receiving the details of the recommendations of the state level committees, proposals will be made on how much to increase. They will be placed before the government. The government takes the final decision after weighing the burden on the people of the state and its revenue requirements.
It is true that there is a huge difference in land prices in the state between open market and registration charges. An acre of land in Raviryala village of Maheshwaram mandal of Rangareddy district is worth more than Rs.3 crores. The registration value is Rs.60.90 lakhs. An acre of land in the center of Chevella mandal is in the open market for more than Rs. 2 crore. The registration value is Rs.42 lakhs. According to the registration value of an acre in Dharur mandal center of Vikarabad district, if it is Rs. 3.75 lakhs, it is selling for more than Rs. In Malkajigiri mandal of Medchal Malkajigiri district, the registration value per acre is Rs.3.77 crore, but it is more than Rs.10 crore in the open market. There are opportunities to increase hundred percent in such areas. In Jubilee Hills, if the value of a yard is 3 lakhs, the market value is Rs.90 thousand. In such places, there is a possibility to increase by 50 percent. A top official said that even if a rule is made to revise the registration values so that the registration value does not exceed half of the open market value, it is likely to increase up to 100 percent in many places.
