After deciding to auction unutilised government land, the is mulling to increase land values for property registrations. After GST and excise, revenue earned through property registrations is the third highest source of revenue for the government.
Sources said the revised land market values will come into force from August 1 this year if chief ministerK Chandrasekhar Raookays the proposal. Theregistrationand stamps (R&S) department has kept the proposals ready, sources said. Our department is aiming to achieve Rs 12,500 crore this financial year (2021-22) after revising the land values.
The government has plans to enhance market land values for non-Agriculture-notes-for-state-psc-exams”>Agriculture properties between 30% and 50%. While the enhancement will be 30% in the rural areas, it will be 50% in Greater Hyderabad and other Municipal Corporation areas. For agricultural properties, the hike in the values would be about 20% on the existing rates.
Though the government has powers to revise market values every year under the Indian Stamp Act, land values have not been revised after formation ofTelangana. The last revision was done in August 2013 when the state was united.
In the last year 2020-21, the government had given a target of Rs 8,000 crore collections to the registration department, but it had earned Rs 5,260 crore through 12.11 lakh documents registrations, which was Rs 1,800 crore less than the 2019-20 revenue. The property registrations had to be stopped for three months as the government decided to have agricultural properties registration through tahsildars and non-agricultural properties through sub-registrar offices in September last year.