Hyderabad has recently witnessed a significant revision in land values as announced by the Telangana government, which took effect on Friday. This adjustment has led to substantial increases in property prices across various localities, with some areas experiencing nearly a 100% rise in their official market values. For instance, in Raidurgam, the residential land rate surged from Rs 26,700 to Rs 48,300 per square yard, while commercial property values jumped from Rs 44,900 to Rs 78,600. Similarly, Khajaguda saw residential land values rise from Rs 32,000 to Rs 48,300 per square yard, with commercial rates following suit. These dramatic increases indicate a robust demand for real estate in the region, reflecting both localized and broader economic trends.
Industry stakeholders have voiced concerns regarding the timing of these land value revisions, suggesting that a corresponding reduction in stamp duty would be prudent. Currently, stamp duty and registration charges are set at 7.5% of the total property value indicated in the sale deed. V. Rajashekar Reddy, a former president of the Confederation of Real Estate Developers' Associations of India (Credai), emphasized that while periodic revisions of land values are customary, it would be beneficial for the government to consider lowering the stamp duty to ease the financial burden on property buyers. This could potentially stimulate market activity and make property transactions more accessible to a broader demographic.
The Gandipet mandal, which encompasses parts of the burgeoning IT corridor, has also recorded notable price increases. Areas such as Narsingi, Kokapet, and Manchirevula, once peripheral hamlets, have transformed into sought-after luxury housing destinations. Average selling prices in these neighborhoods now exceed Rs 1 lakh per square yard, contrasting starkly with previous government market values, which were below Rs 15,000 per square yard before the recent revisions. Under the updated valuation framework, residential land values in Kokapet and Narsingi have been set at Rs 27,000 per square yard, while Manchirevula is now pegged at Rs 22,600 per square yard.
In the context of these revisions, other notable areas within the Gandipet Mandal have also seen revised market values. For example, Puppalaguda residential land is now valued at Rs 36,800 per square yard, while commercial properties are priced at Rs 42,000. The adjustments reflect the evolving real estate landscape in Hyderabad, as demand continues to rise in response to the city’s economic growth and infrastructural developments. As the local real estate market adapts to these new valuations, it remains to be seen how property buyers and investors will respond, particularly in light of the current stamp duty rates that may impact purchasing decisions.