Telangana govt likely to rationalise land registration values
Considering the recommendations of the authorities, the government is planning to increase the registration values keeping the current market value of the land in view
Hyderabad: With increasing market prices of lands in the State, the registration value of lands is all set to be rationalised soon. The State government took a decision in this regard not to only improve its revenues, but also to check disparities in registration value and market prices and curb circulation of black money. Considering the recommendations of the authorities, the government is planning to increase the registration values keeping the current market value of the land in view.
Since the formation of Telangana, the land value in the State has been on the rise. Though the Stamps and Registration Department has been appealing to the State government to increase the registration value of the lands as well as the stamp and registration fee, the same was kept pending to avoid burden on the people of the State. In the neighbouring Andhra Pradesh, the stamp and registration fee has been increased to 7.5 per cent from 6 per cent fixed in 2013, apart from increasing the registration value of the land.
But the stamp and registration fee has remained unchanged in Telangana. At present, the stamp duty is 4 per cent, property transfer tax is 1.5 per cent and the registration fee is 0.5 per cent of the registration value. With regards to the land value, the market value of the land is normally much more than the registration value.
However, the market value of the land in the State is now much more than the registration value. This is not only causing severe revenue loss to the government but also posing a challenge to the denizens in the aftermath of demonetisation.
Due to low registration values, people are able to avail only a small portion of their expenditure as bank loan. However, the officials are of the view that unless the government acts immediately and increases the land registration values, the situation could go out of hands causing unnecessary revenue loss to the State government as well as result in an irrational speculative market.
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