Hyderabad real estate: Revenue collection targets have increased
The Andhra Pradesh Government has given the revenue department a target of revenue collection of Rs 5,300 crore. This is 25 percent more than the total revenue collected in Hyderabad last year.
The government had increased the market values of properties in Hyderabad in 2010, is keen on repeating the same this year as it will be difficult to increase the values of properties next year since elections would be fast approaching.
At present, the average basic value is below 50 per cent of the actual market value; this gap will be reduced by 10 per cent.
The spurt in real estate activity in recent months has also added strength to the department’s plans to improve its revenues.
In April alone, revenue from registration transactions increased by 25 per cent over the corresponding period last year. The spurt has been seen in all urban areas, in particular the emerging areas of Cyberabad and Kakinada.
Gated community projects, which were badly hit due to recession, showed signs of recovery with sub-registrar offices receiving many applications for development agreements for villas in Hyderabad and in other areas of the state.
To read more real estate news:
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Source: Deccan Chronicle
Andhra Pradesh Government, Properties in Hyderabad, property tax, Property tax in Hyderabad, Real estate in Hyderabad
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