Landlords in capital area seek higher price after sale agreements
There is usually a couple of months' gap between the time an advance is paid for land and the actual transaction, which takes place when the rest of the amount is paid. In the meantime, if the value of the land goes up, the seller often demands more
Hyderabad: Most land transactions in the VGTM-UDA area are not officially registered leading to several disputes.
There is usually a couple of months’ gap between the time an advance is paid for land and the actual transaction, which takes place when the rest of the amount is paid. In the meantime, if the value of the land goes up, the seller often demands more money and refuses to officially register the property, leading to legal tussles.
While certain areas have been ruled out of the capital race, buyers who had done initial sale agreements are backing out now and are demanding their money back. A similar situation is also being seen in land pooling affected areas like Thullur.
In areas like Kanchikacharla, where the rates are going up, sellers are backing out demanding more money. Realtor Ramanjaneyulu, said, “Most of the transactions are on agreements. Buyers are going back after they have come to know that the land they purchased on agreement is likely to be acquired or taken by the state. In places where there is growth, sellers are going back and not registering.”
Vijayawada East district collector, G. Srinivas said, “Sellers and buyers are going for sale agreements, which in most cases, are unregistered. These are unsafe and hence, leading to disputes among the involved parties.”
Mr Bellamkonda Narasimha Rao from Venkatayapalem, a riverfront village of Guntur, said, “In our village each acre was actually sold till recently for Rs 2 crore to Rs 2.5 crore. The official registration rate is Rs 10 lakh to Rs 15 lakh depending on the area.”
( Source : dc correspondent )
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