City Beat: Hyderabad Property Registrations Shrink 60% [Video]

City Beat: Hyderabad Property Registrations Shrink 60% [Video]

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In a massive relief to the economically weaker sections, the Telangana government has waived off home loans to the tune of Rs 3,920 crore. The money had to be paid by the beneficiaries of the Indiramma weaker section housing scheme between 2004 and 2014. A similar waiver has also been announced for the beneficiaries of the Rajiv Gruhakalpa housing scheme.
 
The state government plans to complete the construction of 2.6 lakh houses in the state in next two and a half years. To speed up the construction process of the 2BHK scheme in Hyderabad, the government has also identified a 650-acre land parcel.
 
After a temporary lull post-demonetisation, the property registration in Hyderabad witnessed a drop of 60 per cent. Interestingly, while there was a dip in the sale deed registrations, a rise in the gift deeds was witnessed across all the sub-registrar offices and District Registrar offices (DRO). According to officials, while people who had entered into an agreement before Prime Minister Narendra Modi's announcement on November 8, went ahead with their decision, but, the number of property purchases fell drastically.
 
In another development, as the deadline of rolling out the Metro rail services in the City of Nizams nears, the Special Task Force team of the project has upped the efforts to acquire more land for the project. The properties for land will be acquired in areas, including Sultan Bazar, Badichowdi, Putlibowli, Yousufguda and Jubilee Hills.
 
Meanwhile, to contain the menace of unauthorised properties, the state government is all set to take over such properties in the state capital. Recently, an unauthorised building in Nanakramguda caved in, killing 13 people. To curb illegal constructions, the government has also formed a committee to control such constructions across Hyderabad.

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