Hyderabad: The AP Capital Regional Development Authority is working on policies to prevent speculation in real estate prices and disposal of land in the Amaravati capital city area.
The policies will be similar to those adopted in countries like Singapore and South Korea, according to sources.
As land rates in the capital city area have increased beyond the reach of industry and buyers of residential accommodation, the anti-speculation rules are aimed at stablising the prices.
Sources in the APCRDA said a decision was taken in the first meeting in November last, to frame policies on land pricing and prevention of speculation in Amaravati capital city. “This is still in the process and is yet to be finalised. These rules are to rein in excessive land prices and create sustainable real estate market,” the sources said.
Though land owners and farmers are opposing the move, as their profits would get affected under a land price control regime, the realtors are welcoming it. Asked about the proposal, CEDAI AP president S. Siva Reddy said that in view of land not being available at lower prices for industry and also for residential accommodation, the anti-speculation rules are to be welcomed.
