Construction Industry News
Over the past eight months, the Hyderabad government has amassed revenue of Rs 7,000 crore from property registrations, which is twice the pre-pandemic time and more than thrice during FY20-21.
The Registration and Stamping Department (R&S) registered 12 lakh documents, more than three lakh of which were from agricultural properties registered through the Dharani web portal. Rangareddy, Medchal-Malkajgiri, Sangareddy, Hyderabad and Yadadri Bhuvanagiri districts contributed 60% of the revenue share.
The income remains unaffected, even though the government has increased the land value. According to a senior official, Telangana's property registrations are gaining momentum, marking a boom for the real estate industry. Due to the Covid-19 pandemic, only Rs 1,800 crore revenues were generated in FY20-21, with five lakh records for agriculture and non-agriculture.
He said the eight-month revenue division earned Rs 1,000 crore in one month from FY21-22.
According to official sources, higher revenues can be raised from the districts of Greater Hyderabad and the government has allowed registrations of open lots in unauthorized layouts.
Districts including Jayashankar Bhupalpally, Mulugu, Komaram Bheem Asifabad, Warangal and Narayanpet had poor turnover figures. However, since December 2020, the real estate sector has received a boost.
Officials said farmland prices have risen, boosting the real estate sector. Telangana is the only state to have recovered from the disruptions of the Covid-19 pandemic.
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