Hyderabad: Steep hike in land prices

Hyderabad: Buying agriculture and non-farm lands (open plots) and flats (apartments) would be a costly affair from now as the market value of all the properties have gone up.

As a result, the stamp duty for registering the property has also increased steeply. The new rates would come into effect from Friday.

The revised market value of the agriculture lands at the lowest level has been fixed at Rs 75,000 per acre which is 50 per cent higher than the current value. In the middle range and higher range, the land values have been increased by 40 per cent and 30 per cent, respectively.

The lowest value of the open plot was doubled from the present Rs 100 per square yard to Rs 200 per square yard. The plot values would be increased by 40 per cent in the mid-range and 30 per cent in higher range.

The property value of the apartments has also been hiked. The existing lowest value of the flats per square feet has gone up from Rs 800 to Rs 1,000 per square feet. The increase of flat value per square feet would be 20 per cent in the lowest category and 30 per cent in the higher category.

Officials said that the open flat and apartment values had skyrocketed in Banjara Hills, Jubilee Hills and parts of high-tech city areas in Hyderabad. The revision of the market value of land would result in increase in the property prices more in the coming days.

The value of the agriculture land has multiplied in the surroundings of the Greater Hyderabad Municipal Corporation (GHMC) particularly in Vikarabad, Rangareddy and Medchal districts where the realty boom picked up recently. Now, the prices of open flats and farmlands would also go up by at least 20 to 30 per cent in view of the increase in the market value and registration charges.

Officials said the revised rates would be applicable even in case where payments have already been made for the registration and slots have been booked for June 22 and thereafter. Buyers will have to pay the difference amount in accordance with the revised land values and stamp duty. A separate module - 'additional payments for slots already booked' is made available on Dharani portal.

Revised market value of agri lands

Lowest price – `75,000 per acre

Hike in land value (midrange) - 40 per cent

Hike in land value (high range) - 30 per cent

Revised market value of open plots

Lowest price – `200 per sq yard

Middle range prices up by – 40 per cent

High range prices up by – 30 per cent

Revised market value of flats

Lowest price – `1,000 per sq ft

Mid-range prices up by – 20 per cent

High range flat value up by - 40 per cent