May 17, 2024: Telangana chief minister A Revanth Reddy on May 16, 2024, instructed officials to initiate the revision of land market values in the state. In a meeting attended by Ministers Ponguleti Srinivasa Reddy and Jupally Krishna Rao, alongside officials from revenue-generating departments like commercial taxes, stamp and registrations, excise and mining, the chief minister addressed concerns regarding the significant rise in land rates across the state without proportional increases in revenue from registrations and stamps.
Highlighting the disparity between market values and actual sale prices of land, it was emphasised that regular revisions of land market values are essential. Despite previous adjustments in land values and registration charges in 2021, discrepancies persist. Chief minister Revanth stressed the need for a scientific approach to determine revised market values, adhering strictly to registration and stamps department regulations.
Furthermore, Revanth suggested that revised market prices should aim to stimulate the real estate and construction sectors while enhancing state revenue. Additionally, officials were urged to conduct comparative studies on stamp duty rates in other states to assess whether adjustments are necessary.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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