June 18, 2024: Starting August 1, 2024, the Telangana state government will revise market value of lands in the state across different categories. According to media reports, the Telangana IGRS have issued guidelines to sub-registrars across the state to implement the new rule.
The IGRS has considered the revision in market value rates because of the huge difference between the existing rates fixed by the government and the actual rates prevailing in the market. With this move, the government looks at not losing on the revenue.
What does the new guidelines say?
- In case of rural areas, the market value of land in villages near National and State highways or areas where non-agricultural activities like plotting, housing, SEZs etc. will be increased.
- The revision will be done after careful thinking and things like land compensation, auctions and help from banks will be taken to fix the price.
- In case of urban areas, the market value of the locality will be uniform with residential and commercial properties near main road commanding higher value.
With the guidelines, the IGRS Telangana has also called for any objection that it may address before going ahead with hiking the market value.
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