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Sharp decline in number of land registrations
Soon after becoming a district, the real estate prices sky-rocketed in the town and the prices are comparable to the property sold in Hyderabad. The realtors sold a square yard at Rs 4000-5000 on the town outskirts.In the town, the land is quoted as Rs 15,000 to Rs 25000 per square yard. In commercial areas, it went as high as Rs 75,000.
On an average, the office of sub-registrar registers not less than 70 to 80 title deeds a day and contributes Rs 2 crore per month to the State exchequer. In sharp contrast, the office earned only Rs 37 lakh during the past 15 days.
Kamareddy: The Sub-Registrar’s office here is wearing a deserted look and document writers and real estate brokers are thrown out of work following demonetisation. Earlier, the office used to be abuzz with realtors and general public and others.On an average, the office of sub-registrar here registers not less than 70 to 80 title deeds a day and contributes Rs 2 crore per month to the State exchequer. In sharp contrast, the office earned only Rs 37 lakh during the past 15 days.
Soon after becoming a district, the real estate prices sky-rocketed in the town and the prices are comparable to the property sold in Hyderabad. The realtors sold a square yard at Rs 4000-5000 on the town outskirts.In the town, the land is quoted as Rs 15,000 to Rs 25000 per square yard. In commercial areas, it went as high as Rs 75,000.
Currently, the demand from the public to real estate in the town is on a low-ebb as the people have adopted a wait-and-watch attitude and not coming forward to shell down money. If the same trend were to continue, the recovery of the real estate sector is almost ruled out in the town.
Prior to Kamareddy becoming a district, the number of registration here was limited to 35 netting daily revenue of Rs 4 lakh. The real estate witnessed a boom in the town in the aftermath of formation of Kamareddy district. After the demonetisation, the number of registrations came down to 10 or 12 a day, which was never heard of in the past.
Speaking to The Hans India here on Monday, Sub-Registrar Srinivasa Reddy said that the number of registrations was limited to just 10 and the income earned per day was not more than Rs 50,000. He said the demonetisation of Rs 500 and Rs 1,000 currency notes has adversely affected the land sales in the district.
-BY Ambeer Rajasekhar
