The stage is all set for revision of land values and registration rates for different categories of properties across the State.

The revision, likely to come into effect from May 28, is aimed at mopping up additional revenue of ₹1,200 crore to ₹1,500 crore. Agricultural lands and open plots will see a rise of up to 100% once the revision is effected while the enhancement of rates of apartments/flats is subject to a maximum of 20%.

According to senior officials, market value of the open plots as well as the construction value has been adopted as the basis for calculation of revised registration values for agricultural lands and villas/independent houses. A composite rate structure without land value has been adopted in case of apartments/flats.

The department had adopted the recommendations of the Centre for Effective Governance of Indian States (CEGIS) so as to make a scientific assessment of the existing prices and demand in finalising the new prices. Revision has been proposed keeping in view the developments witnessed in the urban and non-urban areas over the past few years. Accordingly, enhancement is not uniform and is based on different slabs for different categories of lands and houses/apartments.

“Revision has been proposed factoring in the demand for the areas based on the development that has taken place over the past few years. There are areas which are likely to see 100% rise and some others where there is no revision at all,” a senior official told The Hindu.

The revision follows wide variation between the registration values of the land in different places and actual market value which is resulting in government securing lesser revenue than anticipated. The government projected revenue of ₹19,087.26 crore through Registration and Stamps department in the budget estimates of the previous financial year but the actual revenue was ₹15,251 crore, 20% lesser than the estimates.

The government has conducted a comprehensive study on land values and registration values before finalising the revised slabs. “Development of national highways and other infrastructure in some areas have resulted in enhanced demand for plots and apartments in the some places. We have kept in mind the development and the demand for land in such localities while finalising the revised rates,” the official explained.

The last time there was a revision of land values was when previous BRS government brought a revision with effect from February 1, 2022 to realign the government values with then prevailing market prices.