Contrary to the popular perception that core areas in the Hyderabad city have lost their real estate appeal, the recent data shows a stable real estate activity in the city centre.
According to Stamps and Registrations Department officials, between April and October 25,161 documents were received and the department recorded a total revenue collection of Rs. 298.35 crore in terms of stamp duty, transfer duty and registration. Last year, they received 24,940 documents and total fee collection reached Rs. 320.75 crore.
According to the officials, though there is a slight dip in revenue collection compared to the revenue received during the same period in 2012, which was Rs. 320.75 crore, it is due to one percent reduction in stamp duty which came into effect from April 1, 2013.
By and large, the realty sector stayed unaffected despite political turmoil that has started to clear-off.
Looking in to the numbers, areas like Banjara Hills remained the largest contributor in terms of registrations and revenue generation by contributing 30% of the total revenue collections during the afore mentioned period.
Core areas in the heart of the city like Somajiguda, Himayathnagar, etc. contributed up to 11% of the revenue collections. The revenue collections from other areas like Azampura, Chikkadpally, Doodhbowli, Marredpally, Charminar, Bowenpally, Golkonda and S.R.Nagar have remained steady.
According to sources, the average revenue per document for from commercial and residential properties in core areas like Paradise, S.D.Road and R.P. Road is Rs. 1.22 crore, while it was at Rs. 1.88 crore last year.
Source – The Hindu