(1) If the Government are satisfied that owing to any action taken or proposed to be taken by them or to any other cause, considerable transfers of immovable property which are of a speculative character are being, or are likely to be made in any area in the State of 4Telangana and that it is necessary in the public interest to prevent such transfers, they may, by notification, declare such area to be a „notified area‟ to which the provisions of this Act shall apply on and from such date as may be specified therein.
(2) The Government may, by notification, withdraw the operation of this Act from any such notified area, with effect from such date as may be specified in the notification, except as respects things done or omitted to be done before that date.
4. Notwithstanding anything to the contrary in any other law or in any contract, no immovable property situated in any notified area shall be transferred for a consideration
3. Inserted by Act XI of 1960.
4. Substituted by G.O.Ms.No.45, Law (F) Department, dated 01.06.2016.
Declaration of notified area by Government.
Construction of certain references in the application of this Act to the Cities of Hyderabad and Secunderabad.
Restriction on transfer of immovable property.
[Act No. VIII of 1954] 3 exceeding in value the standard price of the property specified in section 5 together with such increase over that price as is permissible under section 6.
Explanation.—Where the consideration for such transfer consists partly of money and partly of movable property or immovable property or both, the market value of such movable or immovable property on the date of the transfer, shall, to that extent, be regarded as the price paid for such transfer.