As part of resource mobilisation, the Telangana Government has decided to rise the rates of lands and the tarrif for the registration of lands.
While the AP Government so far has raised the rates for 7 times the Telangana Government will be doing it for the first time. This will help the people constructing houses to get bank loans easily.
The Cabinet sub-committee on resource mobilisation headed by finance minister T. Harish Rao along with ministers K.T. Rama Rao, Vemula Prashanth Reddy, Chief Secretary Somesh Kumar, stamps and registrations inspector-general V. Sheshadri and heads of various departments recommended that the government hike registration values of agriculture, non-agriculture lands and residential, commercial properties in tune with hike in market value over the past eight years.
Registration values were last revised in 2013 in undivided AP, leading to wide gap between government value and market value of lands and properties in the subsequent years following the real estate boom.
According to the sources the new rates are likely to come into force from August 1.The Chief Minister K Chandrasekhar Rao will have to take a final call on the recommendations.
After the bifurcation of the state in 2014, Andhra Pradesh had revised registration values seven times, sources said. The Cabinet committee which met at the Dr Marri Channa Reddy Human Resource Development Institute to discuss the issue, pointed out that the registration value in Andhra Pradesh and Maharashtra was 7 per cent, and in Tamil Nadu 7.5 per cent.
The committee observed that property buyers are facing problems in getting bank loans as registration values are much lower than market values.
