Cool Posted January 25, 2018 Report Posted January 25, 2018 HYDERABAD: In Telangana around Rs 12,000 crore black money was flown into the banking system in real estate sector alone in the years 2017. Thanks to demonetisation due to which buyers and sellers prefer to use white money component during property transactions. While Telangana government sits on hiking the market value for the properties since 2013 the data of Stamps and Registration Department of Telangana revealed that land buyers and sellers are quoting more sale consideration in the documents than the official value. Around 3.6 lakh transactions took place in the agriculture sector that includes residential plots, flats and buildings mostly in urban areas including Hyderabad where the official government value of all these deals come to Rs 35,598 crore whereas the actual sale consideration is shown is Rs 46,655 crore. Around 2.2 lakh agriculture land transactions took place in entire Telangana out of which Rs 9166 crore worth was recorded as sale consideration on documents as against government value of Rs 7603 crore. Stamps and Registration Department Joint Inspector General V Srinivasulutold TOI,"Post demonstration more white money is flowing into the system. The buyers and sellers were ready to pay more stamp duty and quoting more sale consideration in the document. It is a positive indication that people are turning towards banking transactions instead of cash transactions. Though cash component is still there, it is slowly coming down in real estate sector." Due to bank loans and IT sector employees investing in real estate, the banking transactions has increased over the years. However, post demonetisation from November 8, 2016, the banking transactions has grown significantly, and cash component is decreasing. According to the Stamps and registration department, the market value has not been enhanced since 2013. The lowest official rate in Telangana today is Rs 100 per square yard whereas the highest is Rs 65,000 the official market value. It is unlikely that government increase the official market value till the 2019 elections. An official on condition of anonymity said, "Due to land acquisition issues the official value may not be increased. As well as in rural area people are still quoting the government value as they can claim tax waiver under agriculture, income. Till next elections it is unlikely." TOP COMMENT How common man is benefiting... ??? Indian Citizen READ ALL COMMENTS RELATED STORIES 161 real estate agents register with Tamil Nadu Real Estate Regulatory Authority Real estate agent's murder: Kerala HC dismisses advocate Udayabhanu's bail plea All real estate assets have to be registered with RERA TNRERA meets real estate stakeholders on Andaman and Nicobar Islands NEXT STORY Family worried as Hyderabad student missing in London for last three years ABOUT US | TERMS OF USE Copyright © 2018 Bennett, Coleman & Co. Ltd. All rights reserved. Quote
Cool Posted January 25, 2018 Author Report Posted January 25, 2018 15 minutes ago, ronitreddy said: Demonetization annaru Ya , not sure if we can trust this.. TOI lo chusa Quote
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