Telangana Government Will Increase the Market Value of Land from August 1

Introduction

The Telangana government has announced a significant revision in the market value of land in different categories with effect from August 1, 2024. This revision will increase the registration and stamp duty charges for property transactions. It is aimed at bringing transparency and fairness in property transactions across the state. The government hopes that this revision will also help in curbing black money transactions in the real estate sector.

Table of Contents

• Detailed Guidelines Have Been Issued
• Impact on Revenue in Telangana
• Uniform Market Value of Land in Telangana
• What Do the New Guidelines Say?
• Promotion of Real Estate and Construction
• Frequently Asked Questions

The new market value will more accurately reflect current market trends. The program will be spearheaded by the Stamps and Registration Department, which started preparations on June 18. The revised values ​​will be published on July 1. Public feedback is invited from July 2 to 20. The key to ensuring public opinion is that the revised reflects the market value. This collaborative approach helps resolve any concerns or differences that may arise during the process.

Detailed Guidelines Have Been Issued

The Department of Registration and Stamps has issued comprehensive guidelines for the revision of market values ​​in rural and urban areas. These guidelines aim to ensure transparency and accuracy in property valuation, ultimately facilitating fair and efficient transactions. All stakeholders must adhere to these guidelines to maintain the integrity of the real estate market.

Officials were advised to collect accurate information from various sources including land acquisition compensation and public auction. They were also instructed to ensure transparency in the process and maintain detailed records of all transactions to prevent any discrepancies or disputes in the future. Additionally, officials were reminded to adhere strictly to legal regulations and guidelines governing land acquisition procedures.

Impact on Revenue in Telangana

Telangana government expects to generate Rs 20,000 crores in revenue from property registrations this financial year. The department did not meet the target of Rs 18,500 crores in 2023-24, achieving only Rs 14,295 crores. Despite falling short of the target in the previous financial year. The Telangana government remains optimistic about reaching its revenue goal for property registrations in the current year.

The government is implementing various measures to boost property transactions and ensure increased revenue generation. The objective of the revision is to correct this error by determining the actual land values. This will increase registration revenue. The state government has explained that the value of land will increase in Telangana real estate market.

Uniform Market Value of Land in Telangana

In urban areas, residential areas are assigned a single value. while properties along major roads are assigned a commercial value. This differentiation in property value is based on factors such as accessibility, visibility, and the potential for higher foot traffic. Commercial properties along major roads tend to have higher market value due to their strategic location for businesses.

In rural areas, Tahsildar and local body data are used to determine the values. The revised values ​​are consistent across jurisdictions to avoid discrepancies. This ensures fairness and accuracy in property assessments, as well as transparency in the overall valuation process.

Standardized procedures help streamline administrative tasks and improve efficiency in property tax collection. By using consistent data and standardized procedures, property owners can have confidence in the fairness of their assessments. This ultimately leads to a more equitable distribution of tax burdens among residents in rural areas.

What Do the New Guidelines Say?

Telangana state government revision will be done after careful thinking. Things like land compensation, auctions, and help from banks will be taken to fix the price. The government will also consider input from experts and stakeholders to ensure a fair and transparent process. This comprehensive approach aims to address any potential issues and create a more efficient system for all parties involved.

In rural areas, the market value of land in villages near national and state highway areas where non-agricultural activities like plotting, housing, SEZs, etc. will increase. This increase in market value is due to the potential for commercial and residential development in these areas. As well as improved accessibility and infrastructure.

Promotion of Real Estate and Construction

Telangana CM Revanth Reddy said that the updated market values ​​will increase the revenue of the state to boost the real estate construction sector. Lands will soon be of high value. This move is expecting to attract more investments in the state, leading to further economic growth and development.

The government is also planning to introduce policies to support affordable housing projects to cater to the increasing demand. The increase rates are expecting 20 percent to 40 percent higher than the current rates, depending on the location and type of land. Experiencing growth as part of land management and development.

This ensures that the services provided to residents are of a high standard. Additionally, increased rates will help fund future infrastructure projects to improve the overall quality of life in the community. This adjustment reflects an ongoing commitment to sustainable growth and improvement in the region.

Conclusion

The Telangana government hopes to enhance revenue and support the real estate sector. The growth in the economy will soon be announced by CM Revanth. The govt has announced a significant revision in the market value ​​of land in different categories with effect from August 1. For more information, visit openplot.

Frequently Asked Questions