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TBF wants buildings under RERA to be exempted from mortgage

Press Trust of India  |  Hyderabad 

The Builders Federation (TBF) today requested the state to cut stamp duty and sought exemption from mortgage clause to boost the construction industry in the state.

"Our state has 10 per cent mortgage clause for issuing of building/layout approvals to control the deviation of building bye-laws," TBF president C Prabhakara Rao said.

"Now, since Real Estate Regulatory Authority (RERA) has come into force and there is no scope for the deviation by builders, we want the to exempt the buildings from mortgage which are registered under RERA. This will help us by freeing up 10 per cent of our flows," he said.

The TBF appealed to the to set up a RERA office at the earliest in the capital to facilitate compliance.

State municipal administration and urban development minister KT Rama Rao said the government is pursuing with determination the goal of making the capital city a global city within the next eight years.

As many as four major express flyovers are on the verge of being started in the city and the future is bright for the construction industry in the state, he said.

He also said that Hyderabad would be hosting three major global events - The Global Entrepreneurship Summit, Indian Science Congress, and World IT Congress - from November 2017 to March 2018.

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

First Published: Fri, August 11 2017. 17:48 IST