The Confederation of Real Estate Developers’ Association of India State chapter representatives have urged the government to reduce the registration charges by two percent in the State until the real estate sector recovers from the pandemic impact.
CREDAI State unit vice-president Y.V. Ramana Rao, treasurer D. Rambabu and others met Minister for Revenue Dharmana Krishna Das here on Thursday and submitted a representation on the issues being faced by the realty sector.
They appealed to the government to consider bringing down the 7.5% registration charges to 5.5% and continue it for some time until the realty sector is free from the pandemic. They recalled that during the 2009 financial crisis the then Chief Minister Y.S. Rajasekhara Reddy had saved the realty sector by cutting down registration charges.
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They said Maharashtra and Karnataka had already reduced the registration charges which would benefit the government as the number of registrations would go up.
The representatives also urged the Minister to continue the 2% land conversion charge in urban areas without making any changes. They said conversion charge in rural areas had been increased to 5% from 3% but there was no clarity on the same in urban areas.