Property registrations drop in Telangana

Telangana has witnessed drop in real estate transactions during the April-November period this fiscal, but mopped up over ₹250 crore higher revenue compared to corresponding period previous year. Officials attribute dip in realty transactions to demonetization in November, 2016.

In the state, 6.9 lakh property transactions were registered between April and November, while it was 7.64 lakh documents during the corresponding period in the 2016-17 fiscal, indicating a fall in real estate deals, Telangana stamps and registration department joint inspector-general V Srinivasulu told.

During April-November, the revenue collected was ₹2,823 crore whereas it was ₹2,568 crore during the corresponding period last year. It could be due to demonetization, where people are using less black money and showing more on paper for sale



consideration,” Srinivasulu added.

“The revenue on non-registration aspects may have fallen compared to last year, but registration document revenue has increased,” he added. Hyderabad South and Medchal-Malkajgiri were the only zones that witnessed positive growth in Telangana in the property transactions.

DIG Rangareddy V V Naidu said, “Sub-registrar offices at Maheswaram, Serilingampally and Gandipet witnessed good growth. Rangareddy overall, witnessed negative growth of 2.87 when compared to corresponding period previous year. After demonetization, people are quoting realistic value close to original buying and selling rate instead of official market values, which were stagnant since 2013. The registrations may come down as money is not invested in reality and pumped into money markets like mutual funds.”