The Telangana government has raised property prices by 25 to 50 percent throughout the state.
The trek varies depending on the type of land. In comparison to agricultural fields, residential flats and plots have seen a lesser growth. The approach is expected to close the gap across free market pricing and government-mandated registration rates.
The pricing changes are projected to have a considerable influence on the real estate markets, particularly all across Hyderabad. Market prices in Shankarpally, for instance, have climbed by 40% to Rs 2,800 per square yard. The tariffs at the Kondapur-Gachibowli micromarket have now been raised from Rs 14,000 to Rs 26,000 per square yard. Likewise, in Kokapet, housing costs have now been reduced to Rs 14,400 per square yard, down from Rs 10,000 previously. Puppalguda, on the other hand, had the largest increase of 50%, with new market prices being set at Rs 21,000 per square yard.
To determine the magnitude of the rise, state authorities separated properties into three parts. Whereas the increases for apartments and plots would be 25% and 35%, correspondingly, agricultural fields would experience a 50% hike. This model has been used to guide all property price changes.
Developers in the state are concerned about this decision, which comes on the heels of a recent increase in stamp duty payments. The stamp duty was ramped up from 6% to 7.5 percent. Telangana expects to increase its earnings from property registrations in the state.
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