Govt push set to fuel realty boom in State

Hyderabad: The State government is contemplating promoting the realty industry by offering sops to generate more revenues. Clearance of pending LRS and BRS issues, flexible layout policy and regularisation of properties in the assigned land would be among some steps to be taken to encourage the realty industry. Senior officials of the Stamps and Registrations department are already making recommendations in consultation with the real estate companies.

Senior official of the Registration department and OSD in the CMO Srinivaslu has been entrusted with the responsibility of preparing a document on the promotion of realty by addressing the challenges faced by the industry in the recent times. Official sources said that the big challenge before the government is to deal with irregularities in the layouts created by the realty companies in the districts by evading revue to the government.

“The realty companies are colluding with local officials and the property’s market values are shown less to reduce the stamp and registration duty. In some cases, the layouts are not being laid as per the norms prescribed by the government and the open plots are sold without paying stamp duty. The mushrooming projects of the construction of villas in Greater Hyderabad and Municipal Corporations are also found to be violating the layout acts. Officials said that all issues pertaining to the layouts, property sales, land regularisation scheme and building regularisation scheme are under study. Some amendments to the existing acts and introduction of new rules to sell and buy the properties will be formulated soon.

Chief Minister A Revanth Reddy and Deputy Chief minister Mallu Bhatti Vikramarka have already held several rounds of meetings with revenue generating wings including Stamps and Registration department and reviewed the existing policies. The government has already decided to increase the market value of the properties and also stamp duty to mobilize more revenues. Apart from this, the promotion of the realty industry would also boost revenues further. The Land regularization Scheme (LRS) is being implemented fast to rake in huge money to meet the growing financial needs of the State.