Telangana cabinet earlier this week has discussed hiking registration rates and upward revision of land values. The values have remained constant since the formation of the State. At the same time, Andhra Pradesh Government has revised them seven times.
The registration charges are proposed to be increased to 7.5 % in place of the existing 6 % of the value of the property. There are reports that the land and property values may be hiked by 30% to 50% depending on the location of the land or flat. The cabinet has discussed the decision but is yet to ratify the proposal. But there is a strong buzz that the announcement may happen at any time.
As a result, there is a huge rush for registrations across the state and in Hyderabad as the buyers looking to save money before the announcement comes. In Hyderabad, it is expected that the registrations may get doubled this month. At the same time, there are people who are waiting for the announcement as the higher market value will mean more eligibility for loans. Telangana government has recorded a dip in its revenues due to the pandemic. The cash-strapped government is looking at this as an opportunity to bump the income.