Telangana revises property market values

Hyderabad: The market values of agricultural lands, open plots and flats have gone up by 50, 35 and 25 per cent respectively in the State. Though the revised rates announced by the State government came into effect from Tuesday, the sub-registrar offices (SROs) did not register much activity because of ‘amavasya’ today. Officials of the […]

Hyderabad: The market values of agricultural lands, open plots and flats have gone up by 50, 35 and 25 per cent respectively in the State. Though the revised rates announced by the State government came into effect from Tuesday, the sub-registrar offices (SROs) did not register much activity because of ‘amavasya’ today.

Officials of the Stamps and Revenue department are hopeful of increasing registrations from next week. After increasing the charges, the officials made changes in its software to enable staff posted at the SROs to carry out transactions as per the revised rates.

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The department has stopped the server from 9 pm on Monday to upload revised charges. The charges were revised after the Commissioner and Inspector General of Registration and Stamps completed the exercise with various committees constituted under Telangana Revision of Market Value Guidelines Rules-1998 for revision of market values.

He requested to fix a date for the implementation of the revised market values. After careful examination, the State government ordered that the revised market values would come into force in the State from Tuesday 2, according to Chief Secretary Somesh Kumar, in a GO dated January 29, 2022.

It is learnt that the department has generated revenue of over Rs 1,200 crore in January through registrations across the State. Since revised registration charges would come into force from Tuesday, many property buyers made transactions on Monday in spite of knowing that it was an inauspicious day.

Sources said the highest number of registrations was recorded in Ranga Reddy district followed by Medchal-Ranga Reddy district. As many as 2,500 registrations took place in Ranga Reddy district while over 1,500 in Medchal-Ranga Reddy district on Monday.

Around Rs.200 crore revenue was generated through registrations on Saturday and Monday, it is learnt.

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