Say it will impose a burden on middle class purchasing flats
Srikakulam builders feared that the sale of apartments would come down drastically with the steep hike in registration charges from April 1. They say that that the government was burdening the middle class with the upward revision of registration charges up to 50 per cent apart from collecting service tax from them. The registration charge has gone up to 20 per cent. The customers have to pay around Rs.1.5 lakh in the form of various taxes from April 1 if they want to register a flat with 1,000 sft.
According to builders, many middle class people are buying flats as they are unable to construct independent houses due to skyrocketing land cost. In many areas, square yard of land costs Rs. 10,000 to Rs. 14,000. A minimum of 150 square yards land is required to construct an independent house. It means that those who want to construct an independent house have to spend Rs.15 lakh to Rs.20 lakh for the land, excluding the construction cost.
SS Infra Managing Partner Korada Satyarao said that the registration department should revise the charges for the registration of vacant lands in and around Srikakulam town instead of burdening the flat buyers. “Everybody knows that an acre land costs more than Rs. one crore on the outskirts. But its value is very low in government records. It has to revise its value if the government wants to earn more revenue through registration. But it is not wise to put additional burden on flat buyers,” he added.
Another builder Shivaprasada Rao alleged that the government wanted to earn more revenue while ignoring the interests of the middle class section. Meanwhile, offices of the registration departments jam-packed with the many people thronging for registrations so that they can escape from additional burden from April 1 with the revision of registration charges.
Builders want revision of charges for registration of vacant lands As registration charges set to shoot up from April 1, registrar offices are jam-packed
Builders want revision of charges for registration of vacant lands
As registration charges set to shoot up from April 1, registrar offices are jam-packed