The Revenue department has initiated steps to resolve anomalies in fixing the fair value of land, especially in areas close to major infrastructure projects like metro rail, airports, and national highways.
The move is in tune with the 2022-23 State Budget in which Finance Minister K.N. Balagopal had pointed out that the fair value of land was not in tune with the current market value in many parts of the State.
Senior Revenue officials said the market value of land had increased manifold in areas close to major infrastructure projects. The fair value of land has to be refixed in tune with the considerable increase in the market value of land, they added.
The government expects to mop up an additional ₹200 crore in revenue through a one-time increase of 10% in the fair value of land announced in the budget. The government had earlier decided to set up a high-level committee to rectify anomalies.
On reports that the Revenue department has plans to increase luxury tax on buildings located within one kilometre of infrastructure projects like metro Rail, the officials pointed out that they were working on refixing the fair value and not luxury tax.
