Credai hails TS govt decision to allow property registrations through old system

The registrations were on hold to facilitate the transition to the new system (Dharani) enabling increased transparency by removing discretion and ensuring 100 per cent online advance slot booking

Hyderabad: The Confederation of Real Estate Developers’ Associations of India (Credai)-Hyderabad, hailed Telangana government’s decision to allow registration of non-agricultural properties. The registrations were on hold to facilitate the transition to the new system (Dharani) enabling increased transparency by removing discretion and ensuring 100 per cent online advance slot booking, which was kept in abeyance due to the order of the High Court.

A team representing the real estate developers led by Ramakrishna Rao, president, Credai Hyderabad along with representatives of TREDA, TBF and TBA requested the cabinet sub-committee chaired by Vemula Prashanth Reddy, Minister of Roads & Buildings, Legislative affairs & Housing, Telangana on the initiation by KT Rama Rao, Minister for MA & UD, Industries and IT&C, Government of Telangana to allow registration using the old Computer-aided Administration of Registration Department (CARD) system to help the industry get back to regular operations.

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According to Ramakrishna Rao, “Out of the several issues faced by the real estate sector, struggling to recover from the impact of Covid-19, the most critical factors are the lack of availability of funds for day-to-day operations like payment of wages, servicing of debt schedules, etc. This was likely to have a significant impact on the on-going real estate projects in the State, with some projects facing a risk of becoming NPAs severely impacting the State GDSP.”

“We are very thankful for the prompt decision taken by the Government of the State to resume registrations using the old CARD system as the new Dharani Portal could not be used. This will greatly help the developers get back to normal operations. This is a big relief. Since the resumption of registration as per pre-booked slots from December 19, so far 2,599 slots have been booked and 1,760 registrations completed,” he added.

V Rajasekhar Reddy, general secretary, Credai Hyderabad said, “We are thankful to the Chief Minister for taking a prompt decision and heeding our request to allow registrations of non-agriculture property through the CARD system, till the new process is made operational. If the registration of property did not resume immediately, it would have had a severe impact on debt servicing schedules of real estate developers, wage payment schedules, and property construction schedules due to working capital shortage.”

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