Realtors urge Telangana govt to defer market value revision
Hyderabad: Real estate developers and builders have urged the State Government to defer the revision of market values, citing different reasons, especially covid impact. Prices of building material, including cement and steel have gone up significantly since Covid. In the current scenario, many cases were being reported and people were not stepping out to visit public places, including registration offices, said a member from CREDAI Hyderabad.
The industry and the government were yet to work out a mechanism to control the menace of pre-sales, UDS sales and hundred percent payment sales, which are badly affecting the market sentiment and the prices of real estate. More importantly, it is only about seven months since the market values of properties were increased by 30 per cent to more than 100 per cent. Since the last Revision of market values, the government has increased the stamp duty by 37.5 per cent, NALA charges by 50 to 67 per cent and the local bodies/ gram panchayat charges on development permits, the member said.
The process of involving all stakeholders, including representatives of Real Estate Developers Associations, in the market value revision process and notifying the citizens with draft revision proposals could not be taken up. A proper study should be conducted on the impact of the recent increases in duties, rates, costs or charges, changes in economy in general and the real estate market in particular. This apart, the likely burden of the union budget 2022 on the affordability of real estate in Telangana State, before considering revision of market values, the member suggested.
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