Stash flows for Andhra Pradesh capital land

Hyderabad: The disparity between the official market value and the current selling rate per acre of land in the capital region is leading to pumping in of black money.

While the market rate is Rs 4 lakh to Rs 12 lakh per acre, which is paid legally, the current rate at which each acre is sold is around Rs 80 lakh to Rs 1 crore, resulting in around Rs 90 lakh of black money being paid by the buyers.

The official market value paid to the land owner is in the form of cheque, DD or cash as mentioned in the registered sale deed. There is no account for the rest of the money. The government proposal to give legality and 1,000 square yard land per each acre in the developed capital is seen as an opportunity to convert black money into white.

The mad rush to buy land that is sought for pooling by the government in Tullur and Mangalagiri mandals has increased abnormally in the last two weeks and particularly in the past two days after Chief Minister N. Chandrababu Naidu had announced the contours of the capital area.

Guntur district registrar K. Srinivasa Rao said “Registrations are increasing by the day. Outsiders are buying pooling lands from farmers so as to hand-over to the government to get their quota of land in the capital. Purchasers want to get benefit of 1,000 square yards. The buyers are from all over AP and Telangana, more particularly from Hyderabad. Market value from our records for the dry lands and those away from the road is Rs 4 lakh per acre in Tullur.”

He added, “We are coming to know that they are actually selling the land at Rs 80 lakh to Rs 1 crore, but as per the act we have to collect stamp duty on the market rate. I haven’t heard about this much disparity in market value and the actual rate at which they are sold.”

Ch. Chandrasekhar, a real estate broker of Pedaparimi, said “To buy lands in Tullur purchasers are coming from Vinukonda, Kanigiri, West Godavari and Hyderabad. The land abetting the road are selling at Rs 1.2 crore on an average and those inside are at Rs 90 lakh to Rs 1 crore.”

Tadikonda sub registrar Katlagunta Srinivas Rao said, “In my jurisdiction most transactions are taking place in Shakamuru, Inavolu and Nelapadu. Earlier,  we used to register 20 sale deeds on an average per day and now it has doubled and gone up to 40 to 50.”