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TN realtors seeks roll back of hike in registration charges

Press Trust of India  |  Chennai 

Property developers today urged the to roll back the increase in registration charges as it would lead to hike in "project costs".

"We welcome government's move to cut the guideline value by 33 per cent. But, we did not expect that there will be an increase in registration charges from one per cent to three per cent.", Confederation of Real Estate Developers Association of (CREDAI), Chennai, President, Suresh Krishn told reporters here.

Stating that the realtors have been making requests to including a cut in guideline value, he said, "The government's decision to reduce 33 per cent of guideline value is welcome move".

"We really do not know why they (Government) reduced guideline value and increased the registration charges", he said.

"The increase in registration charges will have negative impact on business and to customers. It will lead to increase in cost of the project. We therefore appeal the goverment to roll back the registration charges to the one per cent fixed earlier", he said.

Realty developer House of Hiranandani, Chairman and Managing Director, Surendra Hiranandani said industry fear the impact will not be "much", as the increase in the registration fee will compensate the reduction in guideline value".

"We do not expect the volume of transactions to go up. It may neither bring down the cost of apartments significantly nor boost the sale of plots", he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 13 2017. 17:58 IST