Hyderabad: Telangana Minister for Revenue and Housing Ponguleti Srinivasa Reddy, on Wednesday, June 3, said that revised land values will be implemented from June 5, following a cabinet decision to adjust land prices to reflect market conditions.
He said the decision was taken after conducting an extensive study based on the report given by financial expert Arvind Subramaniam.
The new values were determined scientifically after examining the development potential of the areas, growth rate, recent land auctions, market conditions, demand, new roads, growth corridors, Outer Ring Road (ORR), Regional Ring Road (RRR), industrial development, and infrastructure expansion, Srinivasa Reddy said.
“In 2021-22, the then Bharat Rashtra Samithi (BRS) government had increased land prices twice in six months and increased registration charges from 6 per cent to 7.5 per cent without any comprehensive exercise and using unscientific methods,” he alleged.
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These revisions were carried out without any field study, leading to government-assigned values at much lower or higher than the market value, the minister said.
He said that many problems were arising in land transactions due to the huge gap between the actual market prices and the government values, and to rectify this, a revision of market values has been undertaken in all 144 Sub Registrar Offices (SROs) in the state.
The minister said that no increase has been proposed in areas where market values are already high. On the other hand, minimum basic rates have been determined for agricultural lands, plots, and flats in the Hyderabad Metropolitan Development Authority (HMDA), CURE area, and other areas of the state, depending on the level of development.
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