Up goes the market value

In some places the land value has been hiked by even 100 per cent. Despite that, there is a difference of 50 per cent between the Government rate and the seller's rate in certain areas, writes M. SAI GOPAL

PICK OF THE LOT: Market value of land in parts of Banjara Hills has gone up by 10 to 15 per cent after the recent revision.

Fresh round of hike in the market values of lands for registrations came into effect on February 1 in the twin cities and eight other important regions under municipal corporations in the State.

The Stamps and Registration Department had formally recommended to the State Government for an increase in the market value of land in Hyderabad from zero to 100 per cent depending on the potential of each region in the city.

Despite the revision, there is a yawning gap between the new Government market value and the existing market values.

In some cases, the difference is as high as 50 per cent between the Government rates and rates quoted by sellers.

"In a way, this could to some extent curtail the flow of black money, which generally goes to builder, developer or the seller. It will also help professionals seek more loans from banks who always provide loans based only on the Government market values," said an official.