HYDERABAD: Despite appeals from industry bodies to defer the rollout, the Telangana government on Tuesday went ahead and implemented revised market values of properties in the state.
The increase ranged anywhere between 25% and 50% depending on the type of property, with high value land witnessing a maximum jump. Open plots and apartments saw a lower revision.
According to official data, the value of land in Kokapet's residential localities – an upcoming realty destination in city – now stands at Rs 14,400 per square yard. This was about Rs 10,000 per square yard until recently. In Puppalguda, which is already home to multiple high-rises and big-ticket housing projects, the jump is steeper. The revised market value here has been fixed at Rs 21,000 per square yard, a neat 50% jump.
Some industry sources, however, claimed that the new rates are much higher than that in a few cases.
In the Kondapur-Gachibowli belt, for instance, they said that the market value of commercial localities fixed at upwards of Rs 26,000 per square yard was no more than Rs 12,000 to Rs 14,000 previously.
"This revision is going to push up the final price of property significantly," said a developer with projects in Shankarpally where the market value has been revised by 40% — from Rs 2,000 to Rs 2,800 per square yard. This belt is also a fast-growing real estate pocket sitting on the fringes of Hyderabad.
"We understand that this revision was long overdue. But we would have been comfortable with it had other charges not been increased simultaneously, especially stamp duty that shot from 6% to 7.5%," said another prominent developer.
The registration and stamps department of Telangana is expected to earn an additional Rs 3,000 to Rs 4,000 crore after enhancement of rates.
