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Proposed to hike Registration Charges once again to mop up more Revenues

Proposed to hike Registration Charges once again to mop up more Revenues

It is learnt that certain companies have to pay the amount between Rs. 5 crores to 21 crores in Hyderabad towards the land lease or revenue sharing fees. 

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Hyderabad: The Telangana government is making an effort to achieve 100 per cent of its revenue target this year. In its effort to mop up more revenues, it plans to revise land and property prices so that it can get more money from the registrations.

Later in the next financial year, the government may also revise the registration charges. 

According to the sources, from the Revenue department, the proposal has been prepared suggesting increase of Registration charges by 50 per cent on Agriculture land, 35 per cent in open land and 25 per cent on apartments. However, the government wants to try and see that all pending taxes from those who have taken buildings or land on lease were recovered immediately. 

It is learnt that certain companies have to pay the amount between Rs. 5 crores to 21 crores in Hyderabad towards the land lease or revenue sharing fees. 

Since the financial year is coming to an end, officials have served notices on such companies and also instructions have been given to seize the property if need be.

It may be recalled that the government had hiked registration charges of agricultural lands in villages and open plots and residential apartments in urban areas in July, last year; it did not have any negative impact on registrations. 

On the other hand, the demand for land dealings had gone up. Hence, the stamps and registration department has again proposed an upward revision of the land value. In July last, the market value of agricultural land was fixed at Rs. 75,000 per acre. 

The lowest value of the open plot was doubled from the present Rs. 100 per square yard to Rs. 200 per square yard.  The property value of the apartments also has gone up to Rs. 1,000 per square feet from Rs. 800.

Top officials of the Stamps and Registration department said that it is a good sign that the realty industry is in high demand for investment and the increase of market value of properties will help in earning higher revenue. 

Proposals have been finalized to revise the property values. The collection of higher service charges on property registration is also under consideration. 

In the current financial year, the government has so far earned Rs. 7,700 crore revenue through property registration as against the target of Rs. 10,000 crore.

The officials estimated that the government will achieve a 100 percent revenue target from property registrations by the end of this financial year.