Defer market value revision of properties: Credai, Treda to TS govt

Hyderabad: In a significant development, Telangana and Hyderabad chapters of Confederation of Real Estate Developers Associations of India (Credai) as well as Telangana Real Estate Developers Association (Treda), make a joint appeal to the Telangana government not to go ahead with its decision to go for upward revision of market values of properties in the State.

They further requested the government to roll back the recent increase in stamp duty, NALA conversation charges and local body charges.

In a joint statement, Credai Telangana, Treda and Credai Hyderabad sought deferment of the move as "the industry and the government are yet to work out a mechanism to control the menace of pre-sales, UDS (undivided share) sales and hundred per cent payment sales, which are badly affecting the market sentiment and the prices of real estate".

They also pointed out that Covid-19 third wave in the form of Omicron and other variants is on the rampage withover 3 lakh daily cases being reported and people are afraid of visiting public placesincluding registration offices.

"There are more than three lakh properties that have been released recently from the prohibitory list and many more are yet to be released from the CARD system and vice Versa. Lakhs of transactions arepending registration on this account," the realty bodies pointed out.

The rates of building materials including cement and steel have gone up significantly despite Covid, they added.

It is only about seven months since the market values of properties were increasedby 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 panchayatcharges on development permits way beyond the government prescribed rates (based on their own resolutions), they said.