Realtors urge Telangana government to alter base year to 2024 to register for LRS
Pointing out that the assets were already registered, they said buyers were interested to pay the charges required for regularisation of the property
Adilabad: Realtors here are asking the State government to consider the base year of 2024 in place of 2020 to register unauthorised plots under the Layout Regularisation Scheme (LRS).
The State government had announced the LRS for plots developed in unauthorised layouts developed till August 26, 2020. It allowed buyers of the plots to register their assets by paying regularisation and pro-rata open charges by March 31. It said 90 per cent of charges would be refunded if an application was rejected.
Mancherial district Real Estate Developers Association president V Venkata Samy and general secretary Neeli Srinivas said they had requested that the State government consider 2024 as the base year instead of 2020 a few days ago. They reasoned that the government would be able to earn more income than that recorded with registrations of assets up to 2020.
The realtors disclosed that they had represented to Ministers and top bureaucrats requesting the government to alter the base year. Pointing out that the assets were already registered, they said buyers were interested to pay the charges required for regularisation of the property. The buyers were ready to lose lands for wider roads if required, a realtor stated.
They regretted that they were undergoing an unprecedented financial crisis due to stalling of registrations of plots in illegal layouts for over a year. They stated that they were paying interests for loans availed from informal sources to develop projects. They would be bailed out only if the government reviewed its decision.
Stamps and Registrations officials said the erstwhile Adilabad district registered a steep decline in registrations of house sites from January to December in 2024. For instance, an office of Sub-Registrar in Mancherial was recording around 600 registrations per month now as against 1,500 till 2023.
Evidently, erstwhile Adilabad district saw a revenue of Rs 174 crore by way of registering house sites, apartments, mortgaging of assets, marriages, firms and other services from January 1 to December 12, 2024, as against income of Rs 205 crore earned in 2023 and Rs 213 crore in 2022. The data showed that income dropped by around 15 per cent when compared to that of 2023 and 2022.
