Hyderabad: Market value of the lands between ORR (outer ring road) and the proposed RRR (Regional Ring Road) limits are set to rise soon.
Hoping to generate more revenue from the growing demand for lands for both industrial and residential purposes within RRR limits, the state government has prepared proposals to enhance the market value of the lands, flats and commercial buildings that are coming up in the developing region.
State Revenue and Stamps and Registration departments intend to double the market value in some identified zones where the land rates have already increased in recent times. Officials said that the government’s vision to develop Future City, pharma hubs, industrial clusters and Young India Sports and the Skills Universities have been creating a buzz in the realty sector. As a result, residential townships and commercial centres are fast coming up inside the RRR limits.
“The faster growth is an indication of the spread of the urban area. Land sales are picking up and it would be an opportunity for the government to rake in the moolah by increasing the market value of the lands”, officials said.
Currently, the market value of the lands between ORR and RRR is quite low because of which the revenue generated from registrations is only marginal. The land value should be increased in line with the increasing demand, goes the explanation.
The government will take a decision on increasing the market value of the lands soon after the Stamps and Registration wing finalises proposals and forwards them to the Chief Minister’s Office (CMO). Though the authorities are not ready to disclose details of the quantum of increase, sources confirmed an abnormal increase in the market value of the lands, details of which would be made available in the local sub-registrar offices once the revises rates are approved by the government.
Meanwhile, a similar exercise as regards lands in other parts of the state is also under consideration. A decision toward this will be taken at the appropriate time in view of slump in the realty sector in many parts of the state.
