Hyderabad: Sub-registrar offices in Hyderabad witnessed a slightly higher rush than usual on Thursday, as property buyers and sellers hurried to complete registrations before the revised market values of lands, plots, flats and apartments come into effect across Telangana from Friday.
Minister Ponguleti Srinivasa Reddy recently announced a revision of market values for properties in order to bring official registration rates closer to prevailing market prices.
He said that after studying market trends, registration data, land demand and regional development patterns, the revised values would apply to agricultural lands, residential plots, apartments and other real estate properties across Telangana.
At sub-registrar offices in Red Hills and Ashoknagar, officials observed a moderate increase in the number of people seeking registrations compared with a normal working day. “We generally have around 10-15 registrations on a regular day, but today we saw around 23 registrations until 1 pm,” an official at Nampally said.
However, the rush was far from overwhelming in the older parts of Hyderabad. Officials said that the central city areas are already well-established residential and commercial localities, with relatively limited buying and selling activity compared to fast-growing suburban regions.
The sub-registrar office in Abids, covering wards 3, 4 and 5, which includes areas such as Abids, Gunfoundry, Bogulkunta, Ramkote, Hyderguda and Basheerbagh, did not witness any major surge in registrations.
On average, around 250 property registrations are carried out every month in the jurisdiction, and the office recorded only nine registrations on Thursday, compared with 12 on Wednesday and 13 on Tuesday.
“There is no significant impact here because of the revised values coming into effect from Friday. The impact is mainly being seen in developing areas where new residential ventures and layouts are coming up,” the official said.
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