| KNOW THE
| When it comes to buying a piece of land,
finding out the value of the plot is the first step towards
smart buying. The government has fixed different rates
for different areas in Hyderabad. This is called the Notified
Land Value. The Notified Land Value will only be taken
in to consideration at the time of registration of the
property. Some real estate dealers and agents tend to
inflate the land value to many times more than the actual
Generally, the market value of the property may be 20
to 30 percent more than the notified value. But there
are instances when the values are inflated by even100
percent. For instance, if the authorities have fixed Rs.
18,000 per square yard as the notified value for land
at the busy Abid's centre, the real estate dealers
would quote Rs. 30,000 per square yard. Land at the Banjara
Hills, the rocky hill area now converted in to posh
locality, is selling at Rs. 20,000 per square yard, when
the actual cost is only half of it.
ADVICE TO FOLLOW BEFORE BUYING LAND:
Avoid middlemen and try to deal directly with the owner.
Find out the Notified Land Value from the Sub-Registrar's
Add 20 - 30% to the price to arrive at the market value.
Find out the rates at which nearby areas were sold or
Cross check the values from people you can trust.
Bargain and bring the price close to the market value
(keeping in mind the values at which nearby land was recently
sold or purchased)
Also decide beforehand who will bear the registration
and other charges.