New rates to be implemented from August 1. Given the large number of newly developed areas with huge potential for development in future, the market values of land in Ranga Reddy district are expected to jump.
The Department of Registrations and Stamps is getting ready to revise the existing market values of land in Hyderabad and other urban areas in Telangana. This would be the first market value revision of land in Telangana State. The exercise to revise the values has already started and new revised rates will be implemented from August 1.
Officials said that the percentage revision in market values could be anywhere from 20 per cent to 80 per cent depending on the commercial potential of the location of land. They point out that there are many regions in Hyderabad where the market values are already saturated and in such places, the revision is likely to be around 20 to 30 per cent.
Given the large number of newly developed areas with huge potential for development in future, the market values of land in Ranga Reddy district are expected to jump. However, department officials also assured that the upward revision of market values will not be taken up blindly. Instead, it will be based on sound reasoning and the real potential of a particular area will be considered before fixing market values. Such a move would go a long way in bringing some parity, at least to some extent, with the prevailing actual land rates in various parts of Hyderabad and Ranga Reddy district.
With an eye on achieving revenue targets for 2014-15, similar exercise of revision of market values is expected to be taken up once every six months. “There are several areas in old city where we have not revised market values for a long time while market values in areas like Madhapur have been frequently revised. So, there is a need for parity in revision of market values,” officials pointed out.
It was last year in April that the department had effected a change in the market rates for urban municipalities and rural areas in united Andhra Pradesh.