Vijayawada: In what could be a big jolt to the real-estate developers, state govt has revised market values of buildings and structures along with the land values. Real-estate developers, who were celebrating the State’s recent decision to relax the building plan approval guidelines, were stumped with the latest decision to fix the building values for the registration purpose. They are worried about huge increase in the total cost due to revision of the property values.
Realtors who were hoping to make a decent business by taking advantage from the revised guidelines on the plan approvals, are now worried about the possible slump due to the revision of asset values.
According to information, state govt fixed the value of building in the ground floor at 1,490 per sft, first floor at 1,270 per sft and 900 per sft for the second floor. Similarly, the values will go up for the flats in the third, fourth and fifth floors by 30 per sft, 25 per sft and 20 per sft, respectively. The buyers of flats in the apartment will have to cough up additional amount for stamp duty and registration fee.
Moreover, govt has fixed different rates for commercial complexes. It has categorised the commercial assets into three categories and fixed the prices 1,800 per sft, 1540 per sft and 1,060 per sft in three categories. Similarly, prices would be 1,700 per sft , 1,480 per sft , 1,010 per sft in the first floor of the commercial complexes. For the second and all above floors, the rates would be 1,590 per sft , 1380 per sft and 950 per sft.
