Vijayawada: The stage has been set for revision of land market values by the registration dept. The govt has given the green signal to increase the market values from Feb 1.
Keeping in view the slow growth of real estate market in the past few months, the govt has decided to revise the values by 5 to 10 percent across the state. Interestingly, the govt has decided not to revise the market values in capital city area (Amaravati).
The govt initially wanted to revise the market values from Dec 1, 2024. However, the proposal was put off following requests from public representatives and also from the real-estate sector. The govt constituted district-level committees headed by joint collectors to analyse the market value trends in their respective districts. District registrars, revenue divisional officers, survey dept assistant directors were part of the committees.
The govt issued guidelines to the district committees to take up scientific study of growth in actual value instead of proposing the revision of rates across the region. For instance, it suggested that revision of rates must be proposed only where the actual registration activity is going on and go for lesser revision in the remaining areas.
The previous YSRCP govt had revised market values by 20 to 30 percent across the board in 2023 without taking the actual activity into consideration, which badly hit the real estate sector. The NDA govt has decided to go for increase of rates only in areas where there is huge difference in prevailing market value and book value. The district level committees studied the issue for about 45 days and readied draft proposals for revision of market values.
Meanwhile, registration dept offices across the state have been thronged by buyers and sellers over the last few days ahead of revision of rates. Normally, stamps and registration dept do not witness any business before Amavasya. However, people rushed to the offices by setting their sentiments aside to save monies on registration fees.
Sources said registration offices in Guntur, Krishna, NTR and Bapatla districts reported processing of 500-1,000 documents, which used to be around 200 daily on normal days. Some offices even reported 2,000 registrations per day in the last two days.
