The State government in Hyderabad is considering giving incentives to the real estate industry to increase revenue. Steps like resolving pending LRS and BRS issues, having a flexible layout policy, and regularizing properties on assigned land are being discussed to support the real estate industry. Officials from the Stamps and Registrations department are working with real estate companies to make recommendations.
A senior official from the Registration department and OSD in the CMO, Srinivaslu, has been given the task of preparing a document on promoting real estate by addressing industry challenges. The government is facing difficulties dealing with irregularities in layouts created by real estate companies in various districts, which have resulted in loss of revenue for the government.
Realty companies are working with local officials to undervalue properties to pay lower stamp and registration duties. Some layouts do not meet government norms, and open plots are being sold without paying stamp duty. Construction projects for villas in Greater Hyderabad and Municipal Corporations are also not following layout regulations. The government is studying issues related to layouts, property sales, land regularization schemes, and building regularization schemes to make necessary amendments and introduce new rules.
Chief Minister A Revanth Reddy and Deputy Chief Minister Mallu Bhatti Vikramarka have met with revenue-generating departments like Stamps and Registration to review existing policies. The government plans to increase property market values and stamp duty rates to boost revenue. Implementing the Land Regularization Scheme (LRS) quickly will also help meet the growing financial needs of the State.
