Market value hike a big blow to realty: TBF

Hyderabad: The revision of market value from February 1 is a big blow to construction industry and real estate sector as in the recent past there has already been another revision in the market values and the revision was effective from July 22 last year, Telangana Builders' Federation lamented. Surprisingly within a span of six months, there is again a revision in the market value, it added.

According to it, the stamp duty with respect to conveyance deed was increased by 37.5 per cent, increasing burden on common people. The market value of agricultural lands and all other properties were increased in the range from 30 per cent to 100 per cent. The NALA Tax was increased by 50 per cent in GHMC limits and 67 per cent in other areas recently.

Already Covid-19 variant is rampant and many offices are operating with 50 per cent Staff.

While taking the decision of revising the market value once again within a span of six months the views of stakeholders were not considered.

The market of real-estate industry is going slow, since 6 months as there sales process is slow due to the pandemic situation and also festival seasons particularly in the month of December and January which are inauspicious where people are sentimental in taking decisions and waiting for auspicious days.

The issue of pre-launch/UDS sales by some un-realistic builders who are not regular in the industry has created a lot of confusion and spoiled the image of the industry and unfortunately general public were made scapegoat by the fancy advertisements published in print, electronic and social media and emotionally attracted people. This badly affected the regular and real sale transactions of the real estate property prices.

The second revision in the market values of real estate properties in entire Telangana State within a span of six months is greatly affecting the realty sector as well as the customers directly and indirectly.

The market value for structure/construction was increased from Rs 760 to Rs 1100 per sft, a 45 per cent increase.

Having increased the stamp duty, market values, structure rates, betterment rates and NALA charges in the recent past, and it is not appropriate to revisit market values at the present juncture. At present, increase in market values is resulting in the abnormal increase in registration charges, NALA charges.