Even as the land value is upwardly revised to the extent of 10-20% across Andhra Pradesh, lands in Renigunta are all set to go out of reach of the common man with the State government proposing an increase of up to 500% in certain pockets from August 10.
Renigunta Sub-Registrar’s office, falling under the Tirupati-headquartered Sri Balaji Registration district, is among the prominent areas pegged for development. The presence of Tirupati international airport, industrial clusters and educational institutes are some of the major growth engines that have apparently pushed up the land prices. However, there is no justification for effecting such an unrealistic increase in the land value, say those in the real estate sector.
For example, an acre of land in Annagunta is currently valued at ₹5.78 lakh. After August 10, it is likely to cost a whopping ₹35 lakh. A buyer, who hitherto pays ₹43,350 towards registration charges, will have to cough up ₹2,62,500. Similarly, an acre of land costing ₹9.83 lakh in Elamandyam village will soon touch ₹50 lakh. The registration charges will be ₹3.75 lakh against the present ₹73,000.
There is no respite in the plots segment too. In R. Mallavaram village on Srikalahasti highway, a square yard of land costing ₹1,300 has been revised to ₹4,000. In Chennayagunta (Tirupati-Kadapa highway), the land rate is revised from ₹3,700 to an unbelievable ₹18,000 per square yard.
‘Adverse impact’
“At a time when COVID-19 situation has hit every section hard, such an unprecedented increase will have an adverse impact on registration. Buyers will shy away from registration, causing direct loss to the government,” observes P. Satyanarayana, a realtor. In fact, real estate dealers staged a dharna in front of the Renigunta Sub-Registrar’s office recently and submitted a representation to the officer.
Though the rates are normally revised every year by the panel comprising the Joint Collector, TUDA Vice-Chairman and Revenue Divisional Officer, officials are, however, silent on the unprecedented hike in this particular area.