(Image source from: newindianexpress.com)

Realtors urge Telangana government on Property Registration Charges:- The Telangana government is in plans to increase the property registration charges and the prices would be revised from February 1st. There are talks that the land value of agricultural land would be increased by 50 percent which will bring a hike in the registration charges. The plots and the apartment values would be hiked in between 30-35 percent which is huge. The Stamps and Registrations Department also decided to increase the stamp duty from 6 percent to 7.5 percent. The Realty industry urged the government to reconsider the hike considering the ongoing Covid-19 third wave. The realty-related offices have been impacted and there are lot of pending transactions that are to be done because of the pandemic.

The construction expenses are heaped up after the prices of steel, sand and cement are increased rapidly in the recent months. Telangana Real Estate Developers Association has urged the government to reconsider the move as it would leave the realty sector in strain and trouble in the coming months. Telangana Real Estate Developers Association said that they would have not objected if the Telangana government decided not to increase the stamp duty and NALA charges. The Commissioner of the Registration Department conducted a teleconference with the Collectors and the process would be updated in the next two days. The registrations in the state would be kept on hold on January 31st and the revised prices will be implemented from February 1st.

With the registration charges increasing, hundreds of registrations took place in Telangana on Wednesday and Thursday. The number of registrations are doubled in several regions. The Registration offices worked till 10 PM to complete the pending registrations.

(Video Source: NTV Telugu)