Vijayawada: The executive committee of the Confederation of Real Estate Developers' Associations of India (Credai), Vijayawada Chapter, was elected here on Wednesday.
R.V. Swami elected as the new president of the Credai, Vijayawada Chapter, G.S.R. Mohan Rao and K.V.V. Ravi Kumar the vice-presidents, D. Rambabu the general secretary, Sreeram Unnava the treasurer, K. Ramesh Anki Reddy and V. Sridhar joint secretaries and another eight members selected to be the executive committee members.
Mr Swami said the new committee will continue from April 1 to till March 31, 2021. He said that due to the demonetisation and GST-based registrations, the construction business took a major hit.
Mr Swami added that due the 7.5 per cent stamp duty, the construction industry faces several financial problems. He demanded the government decrease the stamp duty to 2.5 per cent.
Mr Swami reminded that the Y.S. Rajasekhar Reddy government had once decreased the stamp duty to help the construction industry and reminded that cost of construction material has shot up drastically. “Sand that once cost Rs 3,000 has jumped to Rs 8,000 per tonne, to cite an example. This is showing an impact on the construction field,” he said.
Present president of Vijayawada Chapter Ramana Rao and executive committee members were present....