Telangana Builders Federation, a body of seven associations i.e., Greater City Builders, East Zone Builders Association, Kukatpally Builders Association, Uppal Builders Association, Pragathi Nagar Builders Association, Greater West City Builders Association, South Zone Builders Association, has urged the government to defer the revision of market values for “some time” on Thursday.
TBF president C Prabhakara Rao and team told a press conferencethat the latest revision of market values is a “big blow” to construction and real-estate industry considering that the previous revision was done in July last year only.
“Registration charges already rose by 25% with stamp duty hikes last year while value of agricultural lands and other properties increased by 30%-100%. NALA tax was increased by 50% in GHMC limits and 67% in other areas recently,” they pointed out.
The COVID pandemic too has dampened the market enthusiasm and all these factors had affected the sales. Plus, the undivided share and pre-launch projectsbeing advertised in various media without taking any regulatory permissions has created a lot of “confusion” and “spoiled” the image of the industry, they bemoaned.
The federation said having increased the stamp duty, market values, structure rates, betterment rates and NALA charges in the recent past, it was “not appropriate” to revisit market values in the present juncture as it would lead to an “abnormal”hike in registration charges.Any revision should be done after due “justifiable and transparent process” and in consultation with the industry and the citizens at large, they requested.
