Express press service
VIJAYAWADA: In a bid to generate more revenue, the state government is likely to increase the market value of land in the seats of the 13 new districts. While the seats of some new districts like Vijayawada, Tirupati and Puttaparthi are already developed, the real estate market might experience a surge in other new districts.
Sources said the government has already approved a special review of market values in the new district seats and their suburban and rural areas, effective April 6. Currently, collectors and other offices in some districts are temporarily located in rented buildings. While the government has decided to build integrated complexes, the authorities are looking for land. Therefore, a real estate boom is expected in and around these areas.
Considering such a market recovery, the Department of Stamps and Registration has proposed to the government to revise the market value of the new district headquarters and adjacent areas, officials said. The revision exercise was resumed on the basis of the recording of transactions, the transformation of agricultural fields into developments, construction activity and the possible boom in the real estate sector once operations are launched in the new neighborhoods.
Usually, the general review of land market values is carried out in August of each year. However, due to Covid-19, the state government has not revised fares for the past couple of years. The Stamp and Registration Department, however, recorded 35% growth in the 2021-22 financial year compared to the previous financial year.
Although the general review of the market value is scheduled for April and proposals have been sent by the district committees, the government has not taken any decision so far. It is expected that there will be no general overhaul this year as the government has raked in good revenue despite not having overhauled the value in the last 2 years, sources said .