HYDERABAD: Telangana’s realtors have expressed concerns over revised market values and registration charges adversely affecting the real estate business. According to Telangana State Realtors Association, the real estate market, which was already adversely affected by Covid-19, has only worsened with the revised market values and registration charges. “This is an unnecessary hike and buyers are not ready to pay the extra costs,” says N Praveen, president of the association.
Meanwhile, Managing Director of Sri Aditya Homes Private Ltd, Kota Reddy says that though residential properties are registering good sales, plot registrations are down as buyers have to shell out more for registering their plots.
Last month, the State government enhanced stamp duty from 6 per cent to 7.5 per cent and also revised the market value, which was earlier done in 2013. Following this, the registration charges coupled with the new market values have become a burden for buyers. For example, in areas like Peerzadiguda, Boddupal and Medipally, stamp duty for 200 yards when the rate was 6 per cent was Rs 87,000. However, with the new rates, the registration cost for the same land would be Rs 1,60,500 — a rise of Rs 73,500. As the market value rises, the registration cost will also rise proportionally and hence would be much higher in key areas such as Gachibowli, Kondapur, Kokapet, Kukatpally, Begumpet and Punjagutta. All 144 sub registration offices (SROs) in the State are witnessing only 30 registrations per day on an average, and the number of slot bookings has also slowed down.