Amendment to Land Values Hits Real Estate in Telangana
After a boom in real estate business for the last six years, the sharp increase in land and apartment prices have made them unaffordable for many people, which is leading to a slump in registration of plots and flats. The buyers are waiting for the prices to cool off a bit. This apart, the increase in land value has made the dream of owning a house beyond many people’s reach. For instance, in Gandipet, the market value is Rs 17,000 per square yard as per the revised prices set by the government. However, the land owners are demanding more than Rs 1 lakh per square yard. In Saroornagar, especially at Sagar Road, facing Champapet, owners are demanding Rs 1.5 lakh against the government’s revised market value of Rs 28,000 per square yard. According to Telangana State Realtors Association, the realty market, which was already adversely affected by Covid, only worsened with the revised market values and registration charges. “This is an unwanted hike and buyers are not ready to afford,” said N Praveen, president of the association.
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