Realtors oppose revision of market value of lands in A.P.

Upward revision of land market value is all set to put additional burden on the property buyers in Andhra Pradesh. Andhra Pradesh Registration Department which is in a hurry to improve its revenues, revised market value of lands up to 25 per cent in many places.

The property buyers will have to pay additional registration amount in accordance with the new rates which will come into force from August 1. As per the new values, the that Registration Department has fixed Rs.11, 000 per square yard is the market value on ring road though it is located on the outskirts of Srikakulam.

Interestingly, the ring road has not yet been constructed in Srikakulam District. The value is Rs.10, 000 per square yard in Town Hall and Rs.9, 000 in New Colony. The value is only Rs.6, 000 in Palakonda Road which connects 7 Road Junction and Day and Night Junction.

The district administration claimed that the committee which consists of officials of registration department, Srikakulam municipality, Zilla Parishad and Visakhapatnam Urban Development Authority had fixed the rates after studying the real values of land in various localities.

Confederation of Real Estates Developers Association (CREDAI)-Chairman Gurugubilli Raju, Member of Andhra Pradesh Real Estate Developers Association G.Raja Prasad expressed concern over the enhancement of market values without prior discussion with the public.

Mr.Raju said: “Each buyer of apartment will have to pay around Rs.80, 000 additional amount with the new rates. Earlier it was only Rs.65, 000. Taking up new projects will be a big burden as the land owners naturally demand more than the market value of the land. Ultimately, the buyers will be the victims in the process,” said Mr. Raja Prasad adding that the real estate sector was contributing a lot for the development of the State.

“The Government cannot generate more income if the property transactions come down due to unreasonable enhancement of values. In fact, the Union Government suggested to all the State governments to reduce the stamp duty and other charges so that all the people would get opportunity to own houses. We request the Government to follow those guidelines and benefit the home buyers with less registration charges,” he added.