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NIZAMABAD: Registrar offices do brisk biz as Nizamabad sees spike in property sales
- Though the State has been facing economic recession, erstwhile district appears to be untouched by it as far as real estate sector is concerned. Registrations peak even during the recession
- The Registrations department is only Rs 5 crore short from achieving Rs 108 crore target in the current financial year As the registration charges may go up from the new financial year, buyers are scrambling to do the eleventh-hour purchasing of property in the erstwhile district
NIZAMABAD: Though the State has been facing economic recession, erstwhile Nizamabad district appears to be untouched by slowdown as far as real estate sector is concerned.
Land sales in the Nizamabad and Kamareddy districts have increased dramatically during the economic slowdown, and on an average, 34 properties are registered at the Sub Registrar's office per day.
There are ten Sub Registrar offices in Nizamabad and Kamareddy districts. Increased irrigation facilities and the revival of the SRSP Nizamsagar have whetted the appetite properties buyers in the two districts.
As the stamp duty and registration fees are set to go up in the new financial year, land and home registrations have increased tremendously during the last two-three months. People are hurriedly buying lands, houses and plots on the auspicious days.
There are ten Sub Registration Offices located in the erstwhile Nizamabad district.
The number of registrations has increased as traders, employees and people from abroad are enthusiastically buying agricultural land and plots.
Land registrations have increased in Nizamabad Town, Nizamabad Rural, Bodhan, Armoor and Kamareddy Sub-Registrar offices. Registration of plots, apartments and houses is being done in addition to agriculture lands.
Increasing real estate ventures, construction of apartments and building of new houses have resulted in large number of registrations. Registrations of 50 to 55 documents are routinely covered by these five sub-registrar offices.
Agricultural lands are being converted into plots for house building and developers are least bothering about taking permission from the authorities for non-agricultural use of the agriculture lands.
Some lay-outs are being sold, while others are being sold without lay-outs.
After the formation of new districts, many new ventures have been launched under the Nizamabad Corporation and Kamareddy municipalities.
Some farmlands have been converted to Non-Agricultural Lands Assessment Act NALA and ventured into NUDA and town planning regulations.
l Though the State has been facing economic recession, erstwhile district appears to be untouched by it as far as real estate sector is concerned.
l Registrations peak even during the recessionThe same situation prevails in the jurisdiction of the Bodhan and Armor Munispalities limits.
Most of these registrations are being made in the new year, with regards to the possibility of increase in stamp duty charges.
Land registrations have also increased in the sub-registrar offices of the municipalities of Ellareddy, Banswada and Bhimgal. Land sales continue to dominate the suburbs of most municipalities.
In addition, registrations are going on in the sub-registrar offices of Domakonda and Bichkunda.
The state government has set a target of collecting tax on land registrations under the common district at Rs 108.9 crore. Through the stamps and registrations till the third of March, the combined district's revenue was Rs 103.73 crore. Seeing the enthusiasm of property buyers, it won't be a difficult task for the Registration department to meet the target.
