The Telangana Builders Federation (TBF), on August 11, 2017, requested the state government to cut stamp duty and sought exemption from the mortgage clause, to boost the construction industry in the state.
“Our state has a 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 the Real Estate Regulatory Authority has come into force and there is no scope for the deviation by builders, we want the government to exempt the buildings from mortgage, which are registered under the authority. This will help us, by freeing up 10 per cent of our cash flows,” he said.
See also: Telangana notifies RERA rules
The TBF appealed to the government 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 that the government was pursuing 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 opened in the city and the future is bright for the construction industry in the state, he said.
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