The political crisis engulfing the State has cast its shadow on real estate so much that the government earned ‘zero’ revenue from land transactions in coastal and Rayalaseema districts and only Rs. 89.54 crore in Telangana since the CWC announcement on Telangana on July 30.
The government drew a blank in coastal districts because the protestors did not allow functioning of offices from August 1 to 8 while August 9 and 10 were public holidays. Thereafter, the AP Non-Gazetted Officers Association gave a call for strike from August 12 till date. It is expected that the government’s cup of woes will be complete as the NGOs have shown no let-up in their strike. Otherwise, the government had drawn up an ambitious target to earn Rs. 295 crore in coastal and Rayalaseema districts in the whole of August.
On the other hand, the transactions plummeted in Telangana as the investor sentiment was subdued in the wake of the announcement.
ADVERTISEMENT
Even the locals did not venture to invest expecting further dip in land prices, according to a senior registration official.
Against Rs. 972 crore collected in Telangana from April to July this year, the earning in the region in the first two weeks of the current month was only Rs. 89.54 crore. Otherwise, the target for the second week alone was Rs. 86.86 crore, he added.
Ranga Reddy district, which accounted for a lion’s share of transactions in Telangana. recorded a revenue of Rs. 43.14 crore out of a target of Rs. 152 crore in August. The official said the revenue earning was somewhat better prior to the announcement on Telangana though the panchayat elections also affected transactions in May-June. The buyers and sellers did not move cash physically during the period because of intense police vigil.
ADVERTISEMENT