hyderabadReal estate players in Telangana have urged the state government to reconsider its decision to revise land market rates and stamp duty. Chief Minister Revanth Reddy has directed officials to scrutinise these rates and compare them with other states.
According to regulations, the market value of land must be updated annually. However, the real estate association plans to hold discussions with the government after the model code of conduct ends. Emphasizing on maintaining affordability, C. Shekhar Reddy, national vice-chairman of CII-IGBC, said, “Now is not the time to increase land prices. The focus is on increasing sales rather than increasing value.” should be put in place.”
Mr. Shekhar Reddy suggested that land price rationalization be reduced from 7.5% to 4.5% to increase market sales and profits. He emphasized that the previous increases in land prices and registration fees have had a major impact on end users, making real estate acquisition unaffordable.
With multiple taxes and fees already burdening real estate transactions, real estate agents believe further tax hikes could make basic housing unaffordable for low- and middle-income earners. They are advocating for a balanced approach to support both investors and the general public.
This post was last updated on May 23, 2024 at 3:04 p.m.
