Hyderabad: The Telangana Government is ready to revise land fares for property registration immediately.
The cabinet sub-committee on the mobilization of resources led by Finance Minister T Harish Rao said he would recommend to the Chair of the K Chandrasekhar Rao Minister to increase the values of land registration.
If everything goes according to plan, new values will take effect from August 1.
The state government collects 6% registration fees and stamp duty to register agricultural and non-agricultural land and other construction such as the flats of prospective buyers.
Sub-committee, who met on Tuesday and was attended by the Minister of KT Rama Rao and Vemula Prashanth Reddy and Chief Secretary Somesh Kumar, said the land values for the latest property registration were revised in 2013.
Although the land market level has increased exponentially in the past , Several years and there are provisions in laws to revise the level of every two to three years, registration values have not been revised after Telangana’s formation.
The government has contemplated an increase in the level of land registration for the past year.
Last year, it couldn’t go ahead because of the next pandemic and locking.
CM has established a resource mobilization committee especially to get more income because the country lost more than Rs 50,000 Crore last year.
“The AP government has revised the land registration rate of seven times in the past eight years and increases registration fees to 7.5 percent.
Tamil Nadu collected 7.5% and 7% Maharashtra,” the official said.
Official sources say the registration department has submitted a tariff proposal which is enhanced by the district to the government and is awaiting government permission.
Land registration rates will rise in T’Gana from August 1
