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Property prices hit the roof in Secunderabad Cantonment Board
Secunderabad Cantonment Board
As the merger plan of Secunderabad Cantonment Board with the Greater Hyderabad Municipal Corporation is gaining momentum, the property prices in the Cantonment area are shooting up
Hyderabad: As the merger plan of Secunderabad Cantonment Board with the Greater Hyderabad Municipal Corporation is gaining momentum, the property prices in the Cantonment area are shooting up. Locals pointed out that as soon as the committee was formed for excision of civil areas of the SCB and merge them with GHMC, the rates of residential property and commercial property have been skyrocketing.
In the prime location in SCB limits that includes Marrepally, Mahendra Hills, Bowenpally, Trimulgherry the rate per square yard is Rs 80 ,000 to 1.5 lakh per square yards on residential property and Rs 1 lakh to 2.5 lakh per sq.yd for commercial property.
"It takes almost two years for getting a permission for building approval as the board meeting is held once in a blue moon. There are also certain restrictions implied for getting a building approval like even of the plot is at buffer zone or not, the owners should get an NOC from the airport. All these restrictions will be remoced after the merger of SCB and GHMC," said S Ravinder, resident of SCB and Executive member of Vikas Manch.
While GHMC areas surrounding Secuderabad Cantonment, including Malkajgiri, Alwal, Kukatpally and Kapra are seeing the rise of skyscrapers, SCB remains with its decades-old G+2 FSI norm. While GHMC permits its property owners for increasing beyond permissible floors (beyond G+3). FSI should not consider parking, cellar, or balcony as built-up areas and commercial spaces in residential layouts but in SCB all these are included. There has been a drastic increase in property prices after the committee was formed excision of civil areas of the SCB," said Devender, a builder.
"After the announcement of burger of GHMC and SCB, the property rates in SCB rose suddenly. Locals have been forced to spend huge amounts for owning a property. GHMC stamp duty for registration of properties is 7.5 percent but SCB locals are paying 11 percent which is 3.5 percent more than GHMC. The main reason behind this is the Transfer of Property Tax (TPT), which is a part of the registration charges. We will be able to avail all the benefits once GHMC and SCB merges," said T Satish Gupta, president of Vasavi Nagar Welfare Association.
Restrictions under SCB
SCB only gives permission upto 1.5 floor space index (FSI)
Locals pay 11 percent stamp duty for registration of properties which is 3.5 times more than GHMC
It takes almost two years for getting a permission for building approval as the board meeting is held once in a blue moon
SCB locals point out that once GHMC and SCB merges they will be able to avail all benefits without restriction
In the prime location in SCB limits that includes Marredpally, Mahendra Hills, Bowenpally, Trimulgherryy the rate per square yard is Rs 80 ,000 to 1.5 lakh per square yards on residential property and Rs 1 lakh to 2.5 lakh per sq.yd for commercial property
