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HMDA raises development charges by 50%

1 Comment Sub Category:Hyderabad,Realty News Posted On: Jul 13, 2012

Andhra Pradesh government has increased the development charges imposed on builders for construction of buildings in the extended areas of Hyderabad Metropolitan Development Authority (HMDA) by 50 per cent.

On July 12, the municipal administration and urban development (MA&UD) department issued the Government Order (GO). Hereafter, builders will now have to pay 75 per cent of the actual development charges.

Since 2009, HMDA was collecting only 25 per cent of the actual development charges from builders so as to encourage building activity in the extended areas and also to support them at the situation of economic slowdown.

The GO stated that several development activities have come up in the extended area of the authority covering about 620 villages and municipalities of surrounding districts.

Though, HMDA is conscious that the realty sector is quite unsafe and needs aid, it cannot stop the move as collecting development charges is the authority’s major source of revenue.

To read more real estate news:

GHMC seeks support from corporates

Real estate regulatory bill is passed in Andhra Pradesh Assembly

Source: The Times of India

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