Property Registrations may go up by 25-55%

Property registration charges in Telangana for both agricultural and non-agricultural properties, is likely to be hiked by 25-55 percent. The proposals have been already submitted to the State Cabinet for its approval where the revised charges will come into effect from February 1. With increased registration charges, the Registration and Stamps (R&S) department is expecting to mop up Rs 3,000-4,000 crore in addition to an estimated revenue of Rs 10,000 crore in the current fiscal.

Following directions from Chief Minister K Chandrashekhar Rao recently, the Registration and Stamps (R&S) department decided to increase the rates as property registrations have surged in the last four-five months due to a real estate boom, both in the Hyderabad metropolitan region and Tier II towns in the State. The fresh proposals were submitted within six months after the State government increased property values for registration of all properties.

As per the existing norms, the State government can revise values of non-agricultural properties in urban areas twice a year and once in two years for agriculture properties. But the government has decided to increase charges for agriculture properties too. Sources said the State government was focussing on enhancing the registration charges for agricultural properties as land rates have gone up in the State after completion of various irrigation projects.

The government has previously revised the market value with the minimum value being fixed at Rs 75,000 per acre for agricultural lands and at Rs 1,000 per sq ft for flats. For open plots, the minimum rate was decided as Rs 200 per sq. yard. All the rates came into effect from July 22 last year.