An imminent delay in the posession of flats and their subsequent registration is worrying those who had invested in joint venture projects in the city taken up by government's housing board and private real estate developers.
The Telangana government clearly stated the conditions of registering these flats, saying that the process will be allowed only after the developers clear all arrears they owe to the government.
Incidentally, close to 19 JV projects were launched by the previous Congress government in undivided AP, which are still incomplete. The builders should be paying revenue shares and various other taxes to the government, as per the JV norms. However, they have not yet met the requirements.
Following this, the government had kept the registration of these properties on hold. Meanwhile the Cabinet subcommittee appointed by the government to resolve the JV project issue met at the Secretariat to look for an amicable solution.
Despite assurances from the builder to clear all dues and requests to start the process, the government said that they will allow the registration only after the dues are cleared.
Indrakaran Reddy of the subcommittee said, "Our intention is not to trouble buyers, but the builders owe crores of rupees to the government. Even after selling the flats/ houses, they failed to pay the revenue share and taxes to the government as per JV norms for the last five to ten years. If we allow registration of properties at this stage, it would be even more difficult to recover the dues. Now they are under pressure from buyers for registration."
He further added, "few of projects are yet to take off even after allotment of land.
"We will resume such lands from those who failed to ground the projects. These costly lands located in prime areas of city could be utilised for public use."