Telangana to soon register joint venture project houses

Individuals who purchased flats and villas in joint housing ventures of the government with some private companies would soon be able to register their properties. A decision to allow registration of homes built by Ramky Infrastructure Limited in Gachibowli in the city and in Warangal in addition to those constructed by Suprabhat Infra in Khammam town, was taken by the cabinet sub-committee on joint-venture housing projects.

Previously, the registration of housing units was halted in these joint venture projects with the private developers not paying their share of revenue to the government. The cabinet panel, headed by Housing Minister A Indrakaran Reddy with Finance and Transport Ministers E Rajender and P Mahender Reddy, met to discuss the issue. Upon the developers expressing their readiness to pay their share, they agreed to allow registration of properties.

As per a release from the government, Ramky would need to pay the government Rs 37 crore for the Gachibowli venture and Rs 22.65 crore for the Warangal project while Suprabhat would pay the government Rs 12.84 crore as revenue share. Additionally, the government expects to net an additional Rs 80 crore or so through registration charges for the properties and value added tax.

Source : Urbannewsdigest