‘Proximity factor’ big worry for small owners
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Proximity pays. It is widespread information that the nearer a property is to a serious supply of growth, the upper is its worth. The unsaid benefit loved by the adjoining land now comes at a value, because the State authorities is mulling a brand new coverage to fill the exchequer by taxing ‘proximity’.
Having set the ball rolling on Market Value Revision 2021, the Department of Stamps and Registration is anticipated to blaze a path in fixing the worth. The course of has remained the identical from 2010 to 2020, however 2021 appears to be the game-changer in tapping the unexplored sources of income, because the Commissioner and Inspector-General M.V. Seshagiri Babu has initiated a brand new course of.
The properties having the potential to get worth, however remaining under-valued on paper are those to be targetted. For instance, the land abutting a freeway actually has the next worth. But the land in a survey quantity located subsequent to such ‘high value’ properties additionally get pleasure from an roughly higher worth, if not the identical, which isn’t mirrored on paper. As a outcome, the division is dropping out income from the registration of such properties. It is that this hole that the division seeks to plug.
Sub-Registrars hail transfer
“It is a welcome decision. People enjoying the benefit of proximity to a high value property will not mind paying more. It will however be a delicate walk, where the government seeks to increase its revenue without burdening the public,” G.V. Konda Reddy, president of the Andhra Pradesh State Sub-Registrars’ Association tells The Puucho. The contours of the proposal are nonetheless hazy, because the officers are nonetheless understanding the finer particulars. The implementation might be executed solely after factoring within the objections, if any, flagged by the general public on the division web site.
The situation has, nonetheless, raised the hackles of small property owners. “We are struggling to lead a normal life but the government is disinclined to see the reality,” fumes Pagadala Babu, whose land is located far-off from the Tirupati-Chennai freeway in Vadamalapet mandal, which can now be impacted by the brand new rule.
Even because the division is conserving the stakeholders guessing, the latter are conserving their fingers crossed, worrying over the seemingly impression on them.
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