Ponguleti Srinivas Reddy calls for revision of land rates to reflect market values

HYDERABAD: Revenue and Housing Minister Ponguleti Srinivas Reddy instructed officials to revise land rates to align with current market values during an extensive review meeting of the stamps and registrations department at the Secretariat on Friday. The minister emphasized the need to ensure that the middle class is not unduly burdened by these adjustments.

Minister Srinivas Reddy, alongside Revenue Chief Secretary Naveen Mittal, Stamps and Registrations IG Jyothi Buddha Prakash, and other officials, highlighted the importance of updating land rates in response to the significant rise in property prices in Hyderabad and across Telangana. He stressed that the revision process should be scientific to avoid discrepancies between open market values and government rates.

Adjustments in regions with disparities

The Srinivas Reddy noted that in regions where the government rate is higher than the market value, necessary adjustments should be made. He pointed out that arbitrary increases in land rates seen under the previous administration should not be repeated. Areas with significant differences between market and government rates should be studied in-depth to determine the appropriate percentage increase.

Srinivas Reddy also called for an action plan to overhaul the stamps and registrations department, addressing existing legal loopholes. He emphasized the need for permanent, state-of-the-art sub-registrar offices across Telangana to eliminate the inconvenience of long waits for registrations.

Officials were directed to identify land required for these new facilities and to consider implementing a time-slot system for registrations to improve efficiency. This move aims to bring transparency and accuracy to land transactions while ensuring fair market practices and reducing discrepancies.

During the meeting, officials acknowledged the challenges posed by outdated land rates and expressed their commitment to implementing the minister's directives. The proposed changes are expected to provide much-needed relief to the middle class and promote more accurate assessments of property values.