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Home > City Resources > Real Estate > Know the 'Real' value

KNOW THE 'REAL' VALUE
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 value.

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 0ffice.

Add 20 - 30% to the price to arrive at the market value.

Find out the rates at which nearby areas were sold or purchased recently.

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.

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P.V.Ramprasad Reddy
B Ramalinga Raju
Dr. Kallam Anji Reddy