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Realtors stage stir over high registration rates in Hyderabad

Telangana State Realtors Association members say the increase in charges will cause a rise in land value, and demanded that it be reduced from 7.5 per cent to 3.5 per cent.

Published: 28th July 2021 08:54 AM  |   Last Updated: 28th July 2021 10:06 AM   |  A+A-

TSRA members said that the market value has increased by Rs 3,500 per yard in areas like Boduppal, Peerzadiguda and Medipally.

TSRA members said that the market value has increased by Rs 3,500 per yard in areas like Boduppal, Peerzadiguda and Medipally. (File Photo | EPS)

By Express News Service

HYDERABAD: The Telangana State Realtors Association (TSRA) demanded that the State government immediately resume plot registrations for layouts in gram panchayats and also to reduce the rates of registration charges.

According to TSRA, around 10 per cent of registrations in gram panchayats took place by paying Rs 10,000 for each layout towards Layout Regularisation Scheme (LRS). However, as registrations have been stopped in gram panchayats, both realtors and thousands of buyers who bought plots are suffering.

Naragoni Praveen, TSRA president, demanded that rates of registration, which were increased to 7.5 per cent recently, be reduced to 3.5 per cent so that it doesn’t burden the buyers. “Government should also cancel LRS completely for the benefit of poor and middle-class people,” he said.

Seeking these demands, TSRA members tried to protest in front of the BRKR Bhavan in Adarsh Nagar on Tuesday. However, by the time they reached, the police took them under preventive custody and sent them to Musheerabad police station.

Praveen pointed out that due to the increase in registration charges, plot and land value will go up further and based on market value, LRS charges will rise. “The State government, which is supposed to address the issues of the public, is creating problems for them,” he added.

TSRA members said that the market value has increased by Rs 3,500 per yard in areas like Boduppal, Peerzadiguda and Medipally. “Earlier, registration charges for 200 yards in these localities used to cost Rs 87,000, but now the registration fee has doubled to Rs 1,60,500,” they said.

Last week, the market value of lands and the stamp duty rates were enhanced. Stamp duty rates were revised to 7.5 per cent from the current six per cent for sale and other transactions. The guidelines market value, also known as basic value for registration, was last revised in 2013.



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