- India set South Africa 204- run target in 1st T20
- Moderate polling in Tripura Assembly elections
- PNB fraud fuelled during demonetisation: Bengal CM
- Shame on you! student tells Trump at Florida anti-gun rally
- Modi inaugurates new BJP headquarters in Delhi
- Naval chopper tender: AgustaWestland withdraws plea from HC on bank guarantee
- Sebi may give fresh push to loan default disclosure by listed firms
Telangana CM rushes to Guv; real estate sector crippled
The scrapping of Rs 1000 and Rs 500 currency notes by the Centre seem to be having a severe impact on Telangana economy with a worried Chief Minister K Chandrasekhar Rao rushing to the Governor for his assessment.
The Chief Minister accompanied by the Chief Secretary Rajiv Sharma briefed the Governor of the impact of the sudden development and told him that the State was likely to suffer a loss of Rs 2000 crore revenue a month.
The demonetisation has brought the revenue through registration of properties to a drastic low as real estate sector was delivered a crippling blow.
The sector had recently started reviving after remaining moribund for many years and was generating much needed revenue of Rs 320 crore per month. But officials fear that the cancellation of high denomination notes is likely to bring it down by 90 per cent.
“There is no question of any buyer or seller entering into a property deal when neither have access to big amount of money,” said Abdul Qayyum a real estate dealer.
In Nirmal town a buyer and seller had to fight it out over the fate of the big currency paid by the former. “Finally I had to cancel the deal and take my money back,” said Ravinder Goud who was buying a piece of land. “I had paid money in Rs 1000 denomination but the seller was afraid he will not be able to get it converted”.
Similar stories were abound from all over the State the most tragic being that of 55 year old Vinoda hanging herself in Mehbubabad district in panic. The lady had sold her agriculture land for Rs 54 lakh. Having spent two lakh on treatment of her paralysed husband she had kept the remaining amount at home for the daughter's marriage and buying another land.
- France‚Äôs bank interested in funding smart cities mission 19 Feb 2018 | PNS
- SC slams life insurance firms for denying policy claim 19 Feb 2018 | Abraham Thomas
- Govt for model inclusive school in each district, block 19 Feb 2018 | PNS
- Law Min mum on whether people of Indian origin can campaign in polls 19 Feb 2018 | PNS
- Grapevine 19 Feb 2018 | Pioneer
- KVIC achieves over 100% subsidy target in 2016-17 for PMEGP 19 Feb 2018 | PNS
- PNB scam: Officials of other banks under lens 19 Feb 2018 | Rajesh Kumar
- Five held with arms in Bihar's Muzaffarpur 19 Feb 2018 | PTI
- Give me peace, I will pursue dialogue: Mehbooba to people 19 Feb 2018 | PTI
- MoU signed in Guj for women empowerment, skill development 19 Feb 2018 | PNS
Sunday EditionView All
18 Feb 2018 | Gwynne Dyer
Now that Jacob Zuma has finally exited, the African National Congress, which has fallen a long way from its glory days, has one last chance to rebuild its reputation before next year’s election. Whether the ANC is the best bet for South Africans is a different question altogether As a passer-by in the upscale Johannesburg suburb of Saxonwold observed, the South African Police would never have raided the enormous, high-walled compound...
STATE EDITIONSView All
19 Feb 2018 | SURESH NIKHAR | Bokaro
A police team of Bokaro Thermal police station headed by inspector cum officer-in charge Parmeshwar Leyangi on Sunday morning conducted raids at Ganjutola in Armo forest area here and seized approx 2.5 tonnes of illegal coal along with their 4 motorcycles and 5 cycles,said Bokaro SP Kartik S...