Guntur: The people’s representatives are venturing into the realty sector making good use of the capital boom in the Guntur district. The AP government has decided to acquire lands in the riverfront villages to establish the new capital around the Krishna river in Guntur district and this decision has suspended land transactions in those villages. Now the realtors are going to start ventures on the outskirts of Guntur city treating them safe from land acquisition and interestingly legislators are following realtors.
According to reports, close aides of Guntur Telugu Desam MP have purchased a large chunk of land in Palakaluru on the outskirt of the city and further is planning to start a big venture of apartments. Similarly, MLA K. Sridhar, who owns Abhinandana real estate company, has recently started another realty company Anubandhana to expand real estate business in view of new capital in Guntur district.
Earlier, a majority of realtors purchased lands from farmers in the riverfront villages and resold them as plots earning huge profits. Later, in view of cancellation of powers to village panchayats, real estate boom stopped in the riverfront villages and land prices are gradually decreasing.
This forced realtors to switch their business to new areas. Hence, they are choosing surrounding areas of the Guntur city as safe for real estate business. Nearly 150 realtors are doing real estate business and they have formed three associations for their welfare. According to reports, legislators who have started real estate businesses are trying to get hold over realtors associations further getting monopoly in the realty sector barring conventional realtors from doing business.
A realtor, K. Srinivas, said that the entry of legislators/politicos would definitely do damage to their business. He opined that people’s representatives can get all required permissions and further will get lands easily with their powers. MLA Sridhar said that he was associated with construction field for the past 25 years and there is nothing wrong in legislators doing real estate business. A senior leader of TDP said that majority legislators are doing real estate business.
