HYDERABAD: If the Telangana registration department has its way, land and property rates across the State could be hiked by 10-20 per cent or even 40 per cent — depending upon the location. In other words, registration of property will burn a bigger hole in the consumers’ pocket.
The new rates are likely to come into effect from August 1. The department, which had taken up the revision exercise in Feburary this year, has submitted detailed proposals to the government for its approval. The proposed land and property rates have been uploaded on the department’s website.
While prices have been unchanged in some areas even after revision, in most of the areas, properties and land prices are proposed to be hiked by 10-20 per cent. “Revision of land and property rates is an annual exercise but they were not revised last year due to bifurcation and other issues. But as there is a huge gap between the actual market value of land and properties and value fixed by the department, we have taken up the revision exercise. We are awaiting government approval,’’ a senior official of the department told Express.
Land and property rates are revised every two years in rural areas and annually, in urban areas. However, the rates were not revised last year due to bifurcation of the State and other issues. As per the proposed rates, in Banjara Hills in some areas, a square yard’s cost would be Rs 45,000.
Making up for a lost year
Land and property rates are revised every two years in rural areas and annually, in urban areas. However, the rates were not revised last year due to bifurcation of the State and other issues. As per the proposed rates, in Banjara Hills in some areas, a square yard’s cost could be Rs 45,000.