Builders Urge State Government to Delay Property Rate Hike | Hyderabad News

Hyderabad: Three days after the government revised the market values ​​of properties in Telangana, builders in Hyderabad have called on the state to postpone the price hike, at least until a thorough discussion has taken place with industry.
The revised rates came into effect on February 1. They are applicable to the registration of any type of property – agricultural land, non-agricultural land, open land and built-up areas (apartments and commercial complexes) – with an average percentage increase ranging from 25% to 50%.
“This is a second market value review in the space of six months (it was previously done in July 2021). This decision was made without considering stakeholder views. Since we believe that this increase is not justified, we urge the government to postpone the increase until proper methodology is followed to arrive at a more reasonable market value,” said C Prabhakar Rao, Chairman of the Telangana Builders on Thursday. Federation.
The industry body comprises seven associations with over 900 construction members. “The real estate sector is experiencing a slowdown due to Covid-19. He took another hit because of the UDS issue which caused confusion and ruined the image of the industry. In the midst of all this, a second revision of market values ​​will affect us negatively,” reads a statement released by the federation. He added: “Furthermore, having increased stamp duties, market values, structure rates, improvement rates and NALA (land conversion) fees in the recent past, it seems inappropriate to review the market values ​​now.”