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Guidelines to buy an affordable open plot in Hyderabad

Posted by vbvr on September 18, 2022
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Many of us dream of owning a home, but there are always a lot of factors that go into choosing between a gated apartment or a residential plot. Having a plot area as an investment is a better option as it offers a higher resale value. Here are a few guidelines to keep in mind while buying a residential plot in Hyderabad.

 

  1. The registration rates have been increased by 20% to 50% in Hyderabad for all agricultural and non-agricultural lands.

  2. Research the current land rates and price trends in the localities that you are interested in. The average rate of land per square foot in Hyderabad is around 4500/- (per sft).

    To get a better picture of the land rates, we give you a compilation of some of the most preferred locations in Hyderabad for open plots with their land values (per square yard) in 2021.


Area/Location

Price per square yard (in 2021)*

Badangpet

Rs. 27,540 – 39,398

Mangalpally

Rs. 14,918 – 19,890.

Badangpet

Rs. 27,540 – 39,398

Cherlapally

Rs. 26,392 – 33,278

Bhanur

Rs. 21,420 – 25,628

Shaikpet

Rs. 63,878 – 84,915

Gagillapur

Rs. 16,065 – 20,272

Mansoorabad

Rs. 55,080 – 64,642

Mayuri Nagar

Rs. 61,582 – 67,702

Kondapur

Rs. 76,500 – 1,02,128

Taramatipet

Rs. 12,622 – 13,770

Bhanur

Rs. 21,420 – 25,628

Nallagandla

Rs. 72,292 – 84,915

Kondamadugu

Rs. 7,268 – 8,798

Almas Guda

Rs. 30,600 – 40,545

                *Numbers are from the internet & top real estate research compainy’s report

  1. Stamp duty and registration charges

The State government collects stamp duty when a property is transferred. The exact amount of stamp duty charges varies depending on the state. The Registration and Stamp Department of Telangana collects 6% of the property value as registration charges that include the registration fee, stamp duty, transfer duty, and nominal user charges.


Below are the Stamp duty rates collected in Hyderabad for immovable property registration in Hyderabad.


Documents

Stamp duty

Transfer duty 

Registration charges*

Corporations and Municipalities

4%

1.5%

0.5%

Other Localities

4%

1.5%

0.5%

Multistory Apartments and Flats

4%

1.5%

0.5%

Sale Agreement and GPA

5%

No

Rs. 2000

Sale Agreement With Possession

4%

No

0.5% (subject to a minimum of ₹ 1,000 and a maximum of ₹ 20,000)

Sale Agreement Without Possession

0.5%

No

0.5% (subject to a minimum of ₹ 1,000 and a maximum of ₹ 20,000)

  1. Factors affecting the stamp duty

Stamp duty is calculated on the market value of the property. However, factors like the age of the property and the property owner, type of the property (residential/commercial/industrial), gender of the owner, location of the property (urban/rural), amenities offered, etc decide the stamp duty of any property.


  1. Calculating stamp duty and registration charges for open plots in Hyderabad

Let us assume that Mr. X is interested in a plot sized 2000 sft in a specific area in Hyderabad. The land rate in this area is Rs 5000 per sft.  Now, the market value for the plot will be 5000 X 2000 = Rs. 1,00,00,000. The stamp duty (let us assume that it is a municipal property) will be 4% of the market value (1,00,00,000) = Rs. 4,00,000. Registration charges (0.5%) of 1,00,00,000 = Rs. 50,000 The total stamp duty and registration charges for this plot would be Rs. 4,00,000 + Rs. 50,000 = Rs. 4,50,000.


Therefore, Mr.X has to pay a total of Rs. 1,00,00,000 + Rs. 4,50,000 = Rs. 1,04,50,000 to buy this specific plot.


  1. Apart from the above discussed, there is a checklist with a few items – like sale deed document, title deed document, necessary approvals from the local governing body, etc., – that should be thoroughly looked at and researched before buying a plot. 

If you are planning to invest on open plots or have any questions or doubts around the process, feel free to contact us.


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