Poll Code Casts Shadow On Property Registrations In T, Real Estate News, ET RealEstate

October 13, 2023

HYDERABAD: Soon after the model code of conduct for the November 30 assembly elections came into force, property registrations took a hit in Telangana, especially in Hyderabad Metropolitan Development Authority limits.

Senior officials said that a majority of real estate developers, property buyers and those looking for investments will wait till the polls are over.

Another reason for the dip in the registrations is police checks on those carrying large cash in vehicles without proper documents. “Property owners will be wary about the police checks and can ill afford to carry huge wads of currency during the election time as they do not want to face police cases. Many would rather wait for the poll process to be completed and then move cash,” an insider said.

Also, inauspicious days during the month pushed back the registrations, an official of registration and stamps (R&S) department said, while confirming the drop in the revenues through property registrations.

Revenues through property registrations have fallen when compared to the previous year for the same period between April and September. “The revenue of the department from April to September was 7,213 crore last year and this year the collection for the same corresponding period is 7,196 crore. This will further fall in next two months,” a senior official of R&S department said.

Even in agriculture land registrations, which are being done through tahsildar offices, there has been a dip in the number of registrations when compared to last year. The data shows from January to September 2023, only 5.48 lakh documents were registered when compared to 6.50 lakh documents in 2022, which means registration of one lakh documents less was done this year.

In Medak district, the registrations were down by 100 documents in one day. On October 9, registrations across 16 sub-registrar offices was 466, which fell to 340 on October 10.

“Elections and property registrations are inter-linked. A buyer, who wants to invest on the land, will wait till the elections are over as he may have doubts whether a project or development near the land will take off or not. Also, a lot depends on the new government. Property sellers also wait, generally with a perception that land rates will come down during the polls and only those who want money immediately will try to sell their land or property,” said GV Rao, president of Telangana Developers Association.

  • Published On Oct 13, 2023 at 03:00 PM IST

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