The charges are much below prevailing market rate, says official
Registration charges hiked only in urban areasRevision of charges planned twice a year
HYDERABAD: Despite the hike in registration charges there is no let up in registrations as people continue to throng the offices with sale deeds. Hectic activity at many registration offices in the city is an indication of the hike having little effect on buyers.
Shravana Masam, a sacred month for the Telugus seems to be another reason for buying lands and getting them registered. "People have accepted the hike since it was still much below the actual price prevailing in the market," says J. Muralidhara Rao, Sub-Registrar, Banjara Hills.
Registration charges were hiked in urban areas only and the major hike among these was in the areas falling under Ranga Reddy district on the outskirts of the city and some `privileged' areas like the Banjara Hills and Jubilee Hills where the rich and influential dwell.
Only 30 p.c. hike
The increase in charges in some of these areas was more than 100 per cent but in majority places, the hike effected was only 30 per cent of the present market rate. For example, in Kokapet where an acre sold for over Rs. 14 crores, the stamp duty was fixed at Rs. 40 lakhs per acre. In Kondapur, it was raised from Rs. 2,500 to Rs. 5,000 and in Kukatpally from Rs. 3,000 to Rs. 4,200.
More hikes in future
Mr. Devender, who bought a plot in Kukatpally said charges are bound to increase further in future as the Government has notified that revision of registration charges would be taken up twice in a year. "Going by the present market rate the hike is not much and there is no guarantee that in future it won't be increased again," he said adding that the increase will not deter buyers.
Mr. Muralidhar Rao, however, said that officials were cautious in finalising the rates by taking the minimum rate in a particular area to fix the price. Rates of lands depend on various aspects and in the same area the prices are bound to differ based on the location. "All precautions were taken while finalising the rates," he said. Some prominent areas that saw a steep hike include Banjara Hills, where the prices increased from Rs. 12,000 per sq.yd to Rs. 20,000 while it doubled in Jubilee Hills from Rs. 15,000 to Rs. 30,000. In residential areas like S.R. Nagar and Vijaynagar Colony the hike ranged from Rs. 4,000 to Rs. 5,000 per sq. yd. Places like Gagan Mahal and DD Colony also saw an increase from Rs. 9,000 to Rs. 15,000 per sq.yd. However, the entire old city remained untouched as there was not much real estate activity.