Should reduce stamp duty by 2%.
Revive the real estate market immediately.
The government should be investor-friendly.
Provide property rights to women in registration.
Why is the real estate market in Hyderabad crashing every day? Why are investors losing confidence in the CM Revanth government? If the real charm is to revive, the Revanth government must make crucial decisions.
After Telangana CM Revanth Reddy announced his decisions on the Hyderabad Metro route and Pharma City, the real estate market in Hyderabad has worsened. Investors and NRIs have retreated. Some are reconsidering the focus on AP. Although the government changed the metro route, the result was nothing. The NDA government was formed at the centre. Now, the CM Revanth government is focusing on land market value. Already, the developers are unhappy that the real estate market is not going well. The CM decision to revise the land market value comes as a shock to many developers. But does CM understand the current market situation, or is he ignoring it all despite knowing? In all cases, if Hyderabad’s property has to be revived, the CM must take the following precautions:.
Already, the real estate market is not doing well; the government has decided to increase the value of the land. If this ritual is carried out from a scientific point of view, no one will have any problems. No one will face any problems if this process is started after considering the actual conditions in the market.
Credai Hyderabad asked the then government to reduce the registration charges by two percent to encourage the realty sector during the COVID period. After noticing the positive aspects of that, the Maharashtra government reduced the stamp duty by two percent. With this, celebrities like Amitabh Bachchan, Shahrukh Khan, and Ajay Devgn came forward and bought houses. Also, if the Hyderabad real estate sector is to revive at present, stamp duty should be reduced for six months or a year. With this, the once-dormant real estate sector will rise again. Rather than thinking that the stamp duty has been reduced by two percent, registrations will increase, and the revenue for the government treasury will increase. So far, this matter has been proven, so the real estate sector wants CM Revanth’s government to deal positively on this issue.
Earlier, when the Congress government was in power, a special concession was announced for women in registration. At present, one percent of registration should also be reduced for women registering immovable property. Credai Hyderabad President Rajasekhar Reddy said that it would be better if the current Congress government provided such flexibility to women. In the present circumstances, the government has been requested to provide proper incentives to the real estate industry. They opined that the process should be carried out scientifically and not against them by increasing market values.
It is advised to take proper precautions to avoid repeating the mistakes made in the commercial retail sector during the previous government. He reminded that the market value of the ground floor in the commercial complex is Rs. 6600, and the same rate was on the top floor too. But the rate on the ground floor is not the same as on the upper floors. Hence, it is advised to take proper precautions so that such mistakes do not happen this time. Because once the price is fixed at Rs. 6600, GST should be charged on it. He explained that it should be shown in the income tax as well. In fact, in commercial buildings, the rate on the ground floor does not apply to the upper floors. The Congress government needs to promote ease of doing business.
