HYDERABAD: Revenue Minister Ponguleti Srinivasa Reddy on Wednesday said that the revised market rates of lands will come into effect on June 5.
In a press statement issued here, the minister said that the revised rates were decided and fixed in a scientific manner after taking the suggestions from economist Arvind Subramanian. He alleged that the previous BRS regime revised the market rates of lands twice within a span of six months in 2021-22 and increased the registration charges from six per cent to 7.5 per cent.
“But due to the vast difference between the market prices and registration rates, several problems were cropping up in the transactions,” he said.
“In some places, the market rates were less than the registration rates and in some others, the market rates were higher than the registration rates,” he explained.
“That’s why the present government analysed the situation in rural and urban areas under the limits of 144 sub-registrar offices and revised the market rates,” he added.
The minister further said that the government also considered the recent land auctions, demand for lands, construction of new roads, proposed growth corridors, industrial development, activities within the ORR limits and the proposed RRR and other factors.
He said that there was no revision in areas where the market values were higher.