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Telangana: Land, property prices may soar
Telangana government
Govt eyes 100% revenue target this year
Hyderabad: The State Government is making an exercise to achieve 100 per cent of its revenue target this year. In its effort to mop up more revenues, it plans to revise land and property prices so that it can get more money from the registrations. Later in the next financial year, the Government may also revise the registration charges.
The Government wants to try and see that all pending taxes from those who have taken buildings or land on lease were recovered immediately. It is learnt that certain companies like Prajay India owe Rs 5 crore to the government, Snow World has to pay Rs 15 crore, and Prasad Imax Rs 21 crore towards the land lease or revenue sharing fees. Since the financial year is coming to an end, officials have served notices on such companies.
Instructions have been given to seize the property if need be.
The State Government, it may be mentioned here, had hiked registration charges of agricultural lands in villages and open plots and residential apartments in urban areas in July. It did not have any negative impact on registrations. On the other hand, the demand for land dealings had gone up. Hence, the Stamps and Registration department has again proposed an upward revision of the land value.
In July, the market value of agricultural land was fixed at Rs 75,000 per acre. The lowest value of the open plot was doubled from the present Rs 100 per square yard to Rs 200 per square yard. The property value of the apartments also has gone up to Rs 1,000 per square feet from Rs 800. A top official said, "It is a good sign that the realty industry is in high demand for investment and the increase of market value of properties will help in earning higher revenue. Proposals have been finalised to revise the property values.
The collection of higher service charges on property registration is also under consideration." In the current financial year, the government has so far earned Rs 7,700 crore revenue through property registration as against the target of Rs 10,000 crore. The officials estimated that the government will achieve a 100 per cent revenue target from property registrations by the end this financial year.
