Reconsider Hike In Property Registration Charges, Realty Industry Requests Telangana Government

Representatives of the real estate industry appealed to the state government of Telangana to postpone its plan to increase property registration charges by 20% to 50% depending on the property, anticipated to begin from February 1. 

P Ramakrishna Rao, the president of CREDAI stated that two major changes concurrently are very challenging, especially in these Covid-19 times. He shared they haven't been able to finish pending transactions as most realty-related offices have been impacted by Covid. 

He exclaimed that increased prices of raw materials have heightened their problems and pleaded to the government to reconsider their decision. 

Telangana Real Estate Developers Association's members shared Rao's worries and jointly appealed to the state.  

R Chalapathi Rao, president of TREDA said, “If this happens, within a matter of months the market value of properties will see an increase of almost 100%. How is this fair to the industry or the customers?” He added, “We would not have objected to the increase in registration charges if the government had not revised all other fees – like stamp duty and NALA  as well. This, with the UDS menace, Covid-19 impact, and higher raw material values, is going to hit the sector hard."