The beneficiaries of Voluntary Disclosure of Income Scheme (VDIS) launched by the Union government have chosen Hyderabad as the best destination to invest the taxed money in real estate.
According to officials sources, nearly 50 per cent of Rs 7,000 crore investments that were made in the realty sector during the last six months in Greater Hyderabad limits covering Hyderabad, Ranga Reddy and Medak districts was from the VDIS beneficiaries.
Hyderabad, it may be mentioned, has got national attention by emerging top position with the declaration of nearly Rs 13,000 crore under VDIS.
Those who purchased land are from Hyderabad, Bengaluru, Mumbai and Chennai. The sources said most of the investors preferred to buy lands near Shamshabad, Pharma City, Warangal – Hyderabad highway and Mumbai highway. A few of them chose to invest in luxurious flats near Hi-Tec City and surrounding areas.
This sudden spurt in investment in real estate turned out to be a “blessing in disguise” for the Stamps and Registration department as it resulted in the department achieving nearly 48 per cent of the total target of Rs 4,300 crore for this year.
Top officials of the department told The Hans India that out of Rs 1,950 crore earned through registrations in the last two quarters, 75 per cent of income has come from Ranga Reddy (Rs 954 crore) followed by Hyderabad (Rs 445 crore) and Rs 107 crore earned by Medak district.
Taking into account the sudden spurt in the realty trade in the city, the Stamps and Registration and Income Taxes (IT) department conducted a joint study on money transactions under land purchases and registrations made from May when the VDIS came into force.
The study revealed that the investments were from the beneficiaries of VDIS. It is mandatory that the Stamps and Registration department should inform IT department about every land purchase which has a market value of over Rs 30 lakh.