Property Market Values to be revised in Telangana
Land and property values in Telangana State are likely to be revised with the Cabinet Sub Committee constituted to explore resource mobilisation by the State government observed that there was a need to revise the prevailing market value in the State. The committee will submit its report to Chief Minister K Chandrashekhar Rao soon. The Committee has already held a series of meetings to explore all possibilities to ensure minimal burden on the general public while initiating measures to increase revenue generation for the government. The committee, headed by Finance Minister T Harish Rao, met here on Tuesday. Other members of the committee include IT and Industries Minister K T Rama Rao, R & B Minister V Prashanth Reddy and Chief Secretary Somesh Kumar. Following the implementation of various welfare and development programmes, particularly irrigation and agriculture reforms, land values have increased drastically in the State, officials informed the committee members. On the contrary, the registration value of lands had not been revised in the last eight years. Many people were registering land and properties as per the government market value while the actual transactions values are much higher than the market values, the officials pointed out, adding that this practice had resulted in the emergence of a parallel economy. There was a need to review land and property values. Based on these norms, neighbouring Andhra Pradesh had revised the land values seven times in the last eight years and increased the registration fee to 7 per cent. Similarly, in Tamil Nadu the registration fee was 7.5 per cent and in Maharashtra, it was 7 per cent.
Tags : News/Views Telangana Andhra Pradesh Tamil Nadu Property Land property market Values Revised Chief Minister K Chandrashekhar Rao