HYDERABAD: After a year of indecision and industry resistance, the state government has opted to revise market values—the official ‘government value’ for property registration—within the core urban area (CUR). This highly sought-after zone, which encompasses approximately 27 local bodies within the Outer Ring Road, is responsible for nearly 60% to 70% of the annual revenue from the registration and stamps department.
The proposed increase is significant, ranging from 30% to 50% above current rates, with the intention of bridging the gap between official registration values and existing market prices. Once enacted, this initiative is projected to generate an additional ₹2,000 crore to ₹2,500 crore in annual revenue for the state.
According to government sources, directives have already been issued to district collectors and sub-registrars to prepare and submit revision proposals. The officials aim to present this matter at the next cabinet meeting for approval.
“Committees have been formed, led by additional collectors of the respective districts, with the sub-registrar serving as the convenor. These committees will include members from the GHMC, a representative from the HMDA, and the municipal commissioners of the area. They will submit their reports within a week,” a senior official from the registration and stamps department informed TOI.
These committees will gather field reports, particularly from rapidly developing zones, and evaluate current rates for land, apartments, and commercial properties. The revisions will be consistent across each area to avoid disputes. After cabinet approval, the government plans to seek public input before finalizing the changes.
Officials highlight the significant disparities between current market rates and registration values. For instance, in fast-growing areas like Gachibowli, Kokapet, and the Financial District, premium builders charge as much as ₹10,000 per square foot, yet the official registration value is only ₹3,000. Additionally, prices for agricultural and commercial land have risen sharply, while government registration rates lag significantly behind.
The revision process will not be unilateral, as officials stressed, “If adjustments are needed to lower prices, that will also be addressed,” indicating that changes may work in both directions.
The last revision took place in January 2022. Although the government is authorized to revise rates annually, last year’s adjustment was postponed due to concerns voiced by realtors and developers. Industry stakeholders argued that increased rates could hinder real estate activity, leading the government to put the proposal on hold.
