Stamp duty and market value of land rates hiked in Telangana

This is the first time the market value of land and stamp duty rates are being hiked since the formation of the state in 2014.

The Telangana government on Tuesday hiked the stamp duty and market value of lands in the state. Market rates for agricultural lands, apartments and open plots have been enhanced, while stamp duty rates have been hiked from 6% to 7.5% for sale and other transactions. The revised market values and stamp duty will be implemented from July 22. This is the first time the rates are being hiked since the formation of the state in 2014
The Revenue Department in a statement to the press said that owing to significant Infrastructure and developmental activities in Telangana post its formation in 2014, there has been a substantial appreciation of land values. “The ‘Guidelines Market Value’ also known as ‘Basic Value’ for land registration was last revised in 2013. In the nascent years of the state, in order to stabilise and augment growth in various sectors, the guidelines values were not revised. Now, an elaborate and detailed exercise has been carried out for revision of the basic value. The exercise has been done in accordance with Telangana Revision of Market Value Guidelines Rules,” the Revenue Department said.According to the government order on the revised stamp duty and market value of lands, the lowest value for agricultural lands has been fixed at Rs 75,000 per acre. For agricultural lands, the existing values have been enhanced by 50% in the lower range, 40% in the mid-range and 30% in higher the price range of agricultural lands.

In the case of open plots, the earlier lowest value was Rs 100 per square yard, this has now been revised to Rs 200 per square yard. The basic values for open plots have been revised by 50% in the lower range, 40% in the mid-range and 30% in the higher price range of open plots.

The existing lowest value for flats/apartments was Rs 800/- per square feet which has now been revised to Rs 1000/- per square feet. For flats/apartments, the increase is by 20% in lower ranges and 30% in the higher price ranges.

Stamp duty rates have now been revised to 7.5 % from the earlier 6 %. The decision was taken by the Cabinet Sub Committee, after detailed deliberations and careful consideration of the matter.  The state government claimed the state duty rates in Telangana are among the lowest in the country. In the neighbouring states, the duty rates are much higher – TN (11%), Kerala (10%), Andhra Pradesh (7.5%).

The state informed that all registrations which will take place on or after July 22 will be as per the new rates. This is even if slots have been booked and payments have been made earlier.

In cases where payments have already been made for registrations and slots have been booked for July 22 and thereafter, a module titled “Additional payments for Slots already booked” has been made available in the Dharani portal for making additional payments.

The News Minute

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button