Andhra Pradesh sees a decline in Property registrations
Hyderabad and the surrounding areas have seen a dip in the property registrations after the Centre gave enough hints that the creation of Telangana state.
The numbers as disclosed by the official sources dipped by a staggering 20 percent compared to last year and revenue also dipped in the entire state. It is being claimed by the Registration and stamps department officials that the situation might continue for some more time till location of new state capital for the residuary state of Andhra Pradesh is finalized.
For instance, Serlingamaplly, which covers area like Manikonda, Chandanagar, Vattinagulapally, Nallagandla and Taranaga witnessed just 400 registrations in December, 2013. However, the transactions came down to 312 in January and fell further to 178 in February (up to Feb 20).
Similar is the situation at the Sub-Registrar Office (SRO), Uppal, whose jurisdiction is spread over Uppal, Boduppal, Medipally and Peerzadiguda, where 970 registrations were recorded in December 2013, while it has come down to 832 in January and in February only 550 documents were registered. SRO, Serlingampally, Mr. Vasudeva Reddy said “Until a couple of months ago, we used to register about 25-30 documents a day. However in the last one week, the number of registrations has come down to 10 per day.”
The drop was significant in areas like LB Nagar, Madhapur, Qutubullapur, Shamirpet, Shamshsbad and Medchal. A senior official of the registration and stamps department was quoted as saying, “There has been a lull in property registrations, especially East and West divisions of Rangareddy, which has the highest potential in the state. Since many property owners (about 80%) buy open land (plots) for investment purpose, they must have been waiting to reinvest the amount in the new capital areas.”
The official said there was a 20% dip in the revenue as compared to the last year (as on January 31, 2014). Last year (till January, 2013), the department had mopped up revenue to the tune of Rs 4,801 crore with 19 lakh registrations, but this year (January 2014) the department’s revenue was Rs 3,835 crore with 14 lakh property registrations in the entire state.
The department had last year earned about Rs 1,334 crore while this year, it could earn about Rs 1,138 crore in the Rangareddy district. The surrounding Nalonda and Medak districts have also registered decline in registrations.
Surprisingly, Guntur district did not witness many property transactions as there were rumours that the Centre might declare the areas between Guntur and Vijayawada for setting up new capital for the Seemandhra state. The official said the land owners might be waiting for the Centre’s decision and not selling away their land. Another official of the department was quoted as saying, “Tenali SRO jurisdiction in Guntur has recorded 42% less revenue (highest drop in the state) towards property registration compared to last year (as on January).”
Source: The Times of India
Boduppal, Chandanagar, Guntur, Hyderabad, LB Nagar, Madhapur, Manikonda, Medak, Medchal, Medipally, Nallagandla, Nalonda, Peerzadiguda, Qutubullapur, Seemandhra, Serlingamaplly, Shamirpet, Shamshsbad, Taranaga, Telangana, Uppal, Vattinagulapally, Vijayawada
