Hyderabad: The finance department in Telangana has opposed revision of market rates in the realty sector at this stage on the ground that revenues through stamps and registrations will be hit, which have been witnessing a steep increase due to increased property transactions over the last six months.
During a meeting with officials of revenue earning departments 10 days ago, finance minister Etela Rajender had stated that hiking land market values at this stage might boomerang.
“The timing of revising market values is totally wrong because after several years of slowdown due to political developments over bifurcation, the real estate sector has just started gaining momentum. We will take up the issue with the CM soon and seek withdrawal of the revision of market values for one more year,” said CREDAI former chairman C. Shekar Reddy. He said the CM was very particular about giving a boost to the realty sector and market value revision would not help in achieving this.
