Hyderabad witnesses hike in property registrations
Hyderabad- The number of property registration cases have increased after the decision of Registrations and Stamps (R&S) department to hike land values. Various sub-registrar offices (SROs) are witnessing spurt in property registration.
The department has proposed to increase basic values of land and apartments for which the registration would be effective from April 1, 2013. The proposal also invited public objections but only few objections were received due to lack of publicity.
Maximum property registration cases are being received from surrounding areas of the Hyderabad city. For example, the SRO of Qutubullapur generally receives 50 property registrations cases per day. Now, since there are only few days left for revised market values of properties to come into effect, the count has increased thrice in last one week.
On March 26, 2013, the Qutubullapur SRO received breaking record of 200 transactions . The property owners are given registration numbers on the spot to avoid any delay due to server glitches.
Likewise, nearly 30 sub-registrar offices are facing the same situation. These include Serlingampally, Uppal, L B Nagar, Medchal, Shamshabad, Shamirpet and Ghatkesar in the peripheral areas of the city and core areas like Banjara Hills and Marredpally.
As per sources, the revised rates may get state clearance within two days. Seeing the increasing of number of transactions in upmarket areas like Madhapur and Kondapur, the R&S department has increased market values between 20 percent to 50 percent. Such areas are witnessing double rates of land and apartment.
For instance, the prices of apartments in Madhapur has been proposed to increase from Rs 1,000-Rs 1,500 per sq ft to Rs 2,000-Rs 3,000 per sq ft. While the land rates has been proposed to enhance from Rs 10,000-Rs 12,000 per sq yd to Rs 20,000 per sq yd in residential colonies and Rs 30,000 on main road.
Similarly, the land rates in Kondapur has been proposed at Rs 15,000 per sq yard and Rs 30,000 in residential colonies and on main road respectively.
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