Relook at revised market value rates, Builders Federation urges Telangana

The Telangana Builders Federation has appealed to the State government to take a relook at the revised market value rates. They also appealed to them to relook at the stamp duty and the NALA tax.  

The federation had stated that the present revision of market value that had come into impact from February 1 has had a huge impact on the construction industry and majorly affected the real estate industry as well. 

As per the federation, the industry is already swiveling under the high cost of construction material which has risen by 35 percent.  

C Prabhakar Rao, the President of Telangana Builders Federation stated that “The revision will impact all segments of the sector and if a buyer wants to buy a property worth Rs 1 crore then they will have to pay anywhere between Rs 10 lakh to Rs 12 lakh as other costs." 

Other members of the federation had also explained that the revised rates will influence the buying ability of budget property buyers, and this would be because the expense of buying property has increased now.  

C Srinivas, the president of Pragathi Nagar Builders Association had stated that the “Affordable housing segment will be hit the most."