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T-battle: Land prices fall
Posted by Srini Uppala | May 11, 2008 | 373 views
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Loading ...The battle for a separate Telangana state has almost made the land transactions come to a standstill in all registrar offices. Uncertainty about the future of this region has affected such transactions across Hyderabad, Ranga reddy, Nalgonda and Medak districts. The sales have fallen by 33 per cent and more than Rs 665 crore anticipated revenue have failed to realise.
“People are waiting for the bypoll results. The stagnation started six months back and now reached its peak. Our target of Rs 4,484.05 crore revenue for 2007-08, from stamps and registrations fell short of Rs 665 crore,” said a senior official in the registrations department. Upcoming areas like Kapra, Kondapur, Tellapur, Vattinagula Palli, Maheswaram, Kottur and Peda Ambar Pet have also witnessed stagnation in transactions. “Everyone is ready to reduce land prices. But there are no takers for the land.
“Many real estate companies are also offering discounts to get rid of the liquidity problem,” said Mr K. Satyanarayana, a real estate consultant. Usually, stamps and registrations wing gives 55 per cent of total target to four districts — Hyderabad, Ranga reddy, Nalgonda and Medak. “But the number of deals and actual transactions have come down drastically.” said Mr V.V. Naidu, registration officer from Ranga Reddy district. However, sub registrars from the city and outskirts are optimistic that once the bypoll results are out, things will come to place.
SOURCES:
Deccan Chronicle
Topics: Govt Failures, Real Estate |
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