I was just reading the news and everyone is talking about this government market value hike again. It feels like this has been "coming soon" for years but now they are saying the first week of June for sure? My colleague's brother works for a builder and he said some areas like Kokapet or those patches near the highway might see a 200 to 300 percent jump in the official rate. 300 percent is just insane. I mean my head is spinning thinking about the registration charges. If I buy a flat for 1.5 Cr and the govt value goes from 4k to 8k per sft how much extra am I just handing over in stamp duty?
I tried checking the IGRS portal today to see the current rates but it was lagging so much. Probably everyone is trying to log in at once. It is all very messy and confusing. I keep hearing different dates like May 20 or June 1. Honestly I am just looking at the half finished flyovers in Gachibowli and wondering why we have to pay so much more when the roads are still a disaster every time it rains.
Anyways what do you guys about it
I have seen so many of these hikes in 20 years. Every time they say market will crash but prices just keep going up. The only thing that changes is the traffic gets worse. Have you seen the state of the roads near Financial District lately? Water tankers everywhere and now they want more tax.
I just spoke to a sales guy at a big project in Neopolis. He was saying the prices there will touch 15k easily once the new rates are official. Sounds like typical broker talk to me but people are actually panicking and booking.
This was bound to happen guys. The gap between the official rate and what builders actually charge was huge. At least now the bank loan might cover more of the cost since the paper value will be higher. It is better for salaried people in the long run I think.
I dont see it that way honestly. It just means we pay way more for registration now. My broker is already pestering me to close the deal before the hike hits. It feels like they are just trying to squeeze the middle class again.
