Hyderabad: In the midst of the third wave that ramped Pandemi Covid-19, representatives from the Real Estate industry, on Thursday, appealed to the Government of the State of Telangana to postpone the plan to increase the allegations of property registration, is expected to be launched in February 1.
The Telangana Government reflects on Hiking registration fee – by 20% to 50% depending on property properties – starting next month.
Previously in July 2021, the state has revised the registration fee besides increasing stamp duty from 6% to 7.5%.
“Two revisions in short ranges will be difficult to hold, especially considering the Covid-19 situation at this time.
Also, with most realty related offices affected because of the third wave, we have not been able to complete our delayed transaction.
We hope the government records the decision and puts it for Later, “said P Ramakrishna Rao, President, Credai – Hyderabad.
“The fact that the cost of raw materials, especially steel, has been fired dramatically, only adds to our worries,” he added.
According to market estimates, steel has seen more than 5,000 per ton increase costs for the past month.
This current price: 65,000 per ton (on average) Rao’s concern was shared by members of the Telangana Real Estata Developer Association, which together made the appeal of the country.
R ChaPathi Rao, President Group said, “If this happens, in a matter of months, the value of the property market will see an increase of almost 100%.
How is this fair for industry or customers?” He added, “We will not object to an increase in registration accusations if the government Not yet revising all other costs – such as stamp duty and nala (land conversion tax) – also.
This, with the threat of UDS, the impact of Covid-19 and the value of higher raw materials, will hit the sector hard.
“