In a bid to bolster the state’s revenue and bridge the gap between land market values and selling prices, Telangana Chief Minister Revanth Reddy has directed officials to undertake a comprehensive revision of land market values across the region.
The last revision of land charges occurred under the BRS government in 2021. However, there still persists a considerable disparity between the market value of land and its selling price in numerous areas. This incongruity has contributed to stagnant revenue growth in registrations and stamps, highlighting the need for immediate action.
Under existing regulations, the market value of land is mandated to be reassessed annually. Despite this requirement, disparities have persisted, prompting the government to initiate a thorough evaluation.
Addressing officials, CM Revanth Reddy emphasized the necessity of conducting a meticulous study to ascertain the extent of stamp duty in comparison to other states. This evaluation aims to determine whether adjustments in stamp duty rates are warranted to align with market realities.
Furthermore, the Chief Minister instructed officials to identify specific areas for price revisions, tailored to reflect the distinct categories of land, including agricultural lands, vacant lots, plots, and apartments. These revisions are to be conducted methodically, adhering to the regulations outlined by the Registration Stamps Department.
CM Revanth Reddy underscored the importance of revising land market prices to invigorate the real estate and construction sectors while concurrently enhancing state revenue streams. Expressing concern over the shortfall in revenue targets despite robust liquor sales during the recent election season, the CM ordered a crackdown on illegal liquor transportation and tax evasion.
Expressing dissatisfaction with the previous year’s revenue performance, CM Revanth Reddy urged all departmental officers to collaborate closely to bolster the state’s revenue. To expedite this process, officials have been tasked with setting monthly revenue targets to ensure steady progress towards achieving the annual budgetary goals.
