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AP Govt to revise land value by 5%
Land values in the state are set for minor revision in urban areas The Stamps and Registrations department has initiated exercise to finalise proposals, as the new values are expected to come into effect from August 1
Tirupati: Land values in the state are set for minor revision in urban areas. The Stamps and Registrations department has initiated exercise to finalise proposals, as the new values are expected to come into effect from August 1.
During normal course, the land values in urban areas are revised once in every year while in rural areas it is done once in two years. The committee constituted under the chairmanship of District Joint Collector with TUDA vice chairman, commissioners of all municipalities and corporations, zilla parishad CEO, local sub-registrars as members will decide the land values depending on the growth.
Though official decision has not yet been announced, it is learnt that there will be an increase in the land values up to 5 per cent throughout the state resulting in an additional burden on buyers. When contacted, District Registrar VSR Prasad told The Hans India that the Joint Collector PS Girisha will take the decision on the revision of land values.
“The hike will be only up to 5 per cent and even in some areas no increase may take place. Last year, it was increased by 10-15 per cent”, he said. There will be no increase in rural areas as it was increased last year. He further said the registrations in the district have gained momentum after a fall for a few months after demonetisation.
During 2017-18, the district had a target of Rs 271 crore revenue from Stamps and Registrations Department which has been achieved. For 2018-19, the district got higher target of Rs 334 crore and, so far, the revenue is on expected lines. As the land values are expected to go up from August, the registrations are in full swing now in the district as it may incur additional burden later.
Significantly, the Stamps and Registrations department registered a revenue loss in 2016-17 as a result of demonetisation as it fetched only 60 per cent of the actual target. The department got only Rs 136 crore as against Rs 224 crore target during that year with buyers and sellers not coming forward for transactions for almost three months since November 2016.
But, the situation has gradually improved in the later half of the year and the department could have managed 100 per cent target. Still, the main revenue yielding places are Tirupati urban, Tirupati rural, Renigunta, Chandragiri and Srikalahasti. Almost 83% of total revenue comes from these places only, the Registrar said. However, a builder pointed out the real estate sector is yet to look up. For the last two years, not much has taken place.
