HYDERABAD: The state government is believed to be considering a significant upward revision of market value of immovable properties.
According to highly placed sources in the government, all sub-registrars across the state have been directed to prepare proposals for a steep revision of guideline values, which form the basis for property registration charges.
The government has already issued guidelines to the sub-registrars for increasing the market value of open plots by 150 per cent and that of flats by 50 per cent, and for increasing the prices of agriculture lands by Rs 3 lakh per acre, depending on the prevailing market trends in their respective jurisdictions, sources said.
The government also sent certain “formulae” to make it easier for the sub-registrars to calculate the revised costs.
The instructions also stress the need for sub-registrars to identify anomalies and discrepancies in existing records and ensure they are rectified during the revision exercise. Officials have been asked to expedite the preparation of proposals and forward them to higher authorities for final approval.
“If implemented, this revision could substantially increase the cost of property registrations. Buyers of open plots are likely to bear the heaviest burden as a 150% increase in market value would directly translate into higher registration charges and stamp duty. Flat purchasers may also see a noticeable rise in costs, albeit to a lesser extent,” sources said.
For agricultural landowners, the proposed Rs 3 lakh per acre hike will significantly alter valuations, especially in semi-urban and peri-urban areas witnessing rapid development. The move is aimed at augmenting state’s revenues, particularly at a time when government is under fiscal pressure, they added.