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Market values of land revised

M. Sai Gopal

Hike ranging from three per cent to 25 per cent in urban areas

HYDERABAD: The Department of Registrations and Stamps have affected an upward revision of market values of land in the capital and other parts (both urban and rural) of the State. The move is aimed at bringing parity with the prevailing actual rates and to shore up revenues of the department. The new revised market values have already been implemented from August 1.

The revision was long overdue, say officials. Since August last, market values have not been revised and from now, it will be an annual feature. Authorities said that depending on the locality, hike ranging from three per cent to 25 per cent has been implemented in twin cities and other urban centres.

The department has already reduced the stamp duty on sale deeds from seven per cent to five per cent, which is mandatory to have access to JNNURM funds. “Hopefully, this hike will help achieve the revenue targets. At present, the registrations have not picked up in Hyderabad and Ranga Reddy districts and we hope that after monsoon things will improve,” officials maintain.

Last year, thanks to financial recession, there was a drop of 23 per cent in the revenue collection for the Registration and Stamps department. In 2009-10, the department authorities were able to collect only Rs. 2,500 crore from registrations against a target of Rs. 3, 224 crore. “The targets for this year have been already raised by 15 per cent.

We can only hope that the revised market values will help increase revenues,” authorities said.

At Gun Rock Enclave in Hyderabad city and surrounding areas, a square yard has been revised from Rs. 14,000 to Rs. 18,000 while residential areas in Hyderbasthi, New Chapel Road, Jeera along the R.P. Road, have been revised from Rs. 14,000 to Rs. 15,000 per square yard.

Similarly, parts of old city like Kathalmandi, Naalakunta and Hindinagar, the market value has been revised from Rs. 17,000 to Rs. 20,000 while at Regimental Bazaar and St. George's Road in Marredpally, it has been revised from Rs. 21,000 to Rs. 22,000. Officials said that the public can access revised market values at all the local sub-registrar offices.

Varied rates

Hyderabad Special Correspondent adds: B. Arvind Reddy, Inspector General of Registration and Stamps, said it was not possible to give a consolidated figure of the hike as the land and property rates varied in different areas.

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