Hyderabad: The Telangana Builders Federation has called on the state government to review the revised market value rates as well as stamp duty and NALA tax. The federation said the current market value review that came into effect on February 1 is a blow to the construction and real estate industry.
According to the federation, the industry is already reeling from the high cost of building materials, which has increased by 35%. “The overhaul will impact all segments of the sector and if a buyer wants to buy a property worth Rs 1 crore, he will have to pay anywhere between Rs 10 lakh and Rs 12 lakh as other costs,” says C Prabhakar Rao, President, Builders Federation of Telangana.
Other members also explained that the revised rates will impact the affordability of budget property buyers as the cost of buying a property has increased now. “The affordable housing segment will be hit the hardest,” says C Srinivas, president of the Pragathi Nagar Builders Association.
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