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Miyapur land scam bursts realty bubble
The recently unearthed multi-crore land scam and the irregularities that have come to light in the Stamps and Registration Department had badly affected realty boom in the State particularly in Greater Hyderabad.Land and property registrations have significantly gone down for the last two weeks resulting in revenue loss to the State exchequer.
Land and property registrations in the last two weeks have come down significantly in Hyderabad, Rangareddy and other districts after unearthing of Miyapur land scam
Hyderabad: The recently unearthed multi-crore land scam and the irregularities that have come to light in the Stamps and Registration Department had badly affected realty boom in the State particularly in Greater Hyderabad.Land and property registrations have significantly gone down for the last two weeks resulting in revenue loss to the State exchequer.
Highlights:
- Scam dents govt revenue
- Transfers too affect the transactions
- Govt closely monitoring registrations
The government could get only Rs 106 crore revenue through land registration and stamp duty during June 1 to 9 as against Rs 110 crore earned last year for the same period. The government has targetted revenue of Rs 14 crore on each working day this year.
This year, government has a target to generate Rs 3,500 crore revenue from land registrations. To achieve the target, it is required to earn Rs 300 crore per month. If the slump in the realty sector continues for two months, government would be forced to reduce the target. Due to demonetisation, government failed to achieve the target of Rs 4,200 crore revenue last year.
After the land scam came to light in the last week of May, the officials said that the land registrations have come down in Hyderabad and Ranga Reddy districts. It may be mentioned here that the realty sector is just recovering after the demonetisation effect.
Many prospective buyers and sellers withdrew applications filed for property registrations. The applications filed for registration through `anywhere registrations system’ were cancelled as the government scrapped the system with immediate effect.
Another major reason for slowdown in the realty business was government has reshuffled the entire Registration Department by transferring all most all Sub Registrars and withdrew the discretionary powers given to the officials in the registration process.
Nearly 60 to 70 per cent of revenue through registration fee and stamp duty was being generated from Greater Hyderabad and HMDA limits. Officials said that land registrations were also affected in other municipal corporations - Khammam, Karimnagar, Nizamabad , Warangal and Ramagundam where property prices had shot up recently.
Taking serious note of the spate of illegal registrations, the Registration Department is closely monitoring every land transaction and registration of property from all 141 sub registrar offices in the state. A special monitoring cell, consisting of DIG level officials, is conducting surprise visits to the sub registrar offices for past one week to find out irregularities.
By Patan Afzal Babu
