Revised market value of lands from April 1 - The New Indian Express

Revised market value of lands from April 1

Published: 06th January 2013 09:35 AM

Last Updated: 06th January 2013 09:35 AM

In a move that will help the state government earn an additional income of around `1,500 crore, chief minister N Kiran Kumar Reddy on Saturday gave his nod for increasing the market value of lands across the state. The revised values will come into effect from April 1, 2013.

The state government finally cleared the dust on the long pending file, which was with Reddy since August 2012. With the hike in the land cost, people will have to shell out more towards registration fee as well, though the fee in itself was not hiked.

However, this time, the stamps and registration department will upload the market values on a public domain and seek public opinion. “If the current market value is higher, it will be reduced and if the value is lesser, it will be hiked. In all, the market value of lands will be rationalised,” stamps and registration minister Thota Narasimham told reporters after the review.

The revision of market value would be done after taking into consideration the objections and suggestion of the public.

The minister said as per government guidelines, market value of lands had to be revised once every year in urban areas and once every two years in rural areas. The market value had not been revised after 2011, he said.

Officials informed Reddy that while land value had gone up in some areas, it was stagnant in others and gone down in some locations.

Officials said during 2011-12, as against the gross revenue target of `5602.81 crore, the achievement was `5492.11 crore. That is the collection is 98.02 per cent. This marks a 14.60 per cent growth over 2010-11’s achievement of `4,428.25 crore. The target for 2012-13 is `6,668 crore, of which the department collected `4,500 crore up to Dec. 31.

Officials said anywhere registration and extension of ‘Mee Seva’ services in the entire state would be achieved in a few months.

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