Rambabu and Sridhar said Credai Andhra Pradesh would like to bring to attention of state government the ground reality of real estate sector in the state. (Representational image/DC)
VIJAYAWADA: Vijayawada chapter of Credai (Confederation of Real Estate Developers’ Associations of India) has requested AP government not to increase the market value of lands in the state from June 1, 2023, as the real estate sector is already in a slump owing to Covid and other reasons.
In this regard, a delegation of Vijayawada Credai led by its president D. Rambabu and secretary V. Sridhar submitted a memorandum to Vijayawada district Registration and Stamps registrar Durga Prasad on Saturday.
Rambabu and Sridhar said Credai Andhra Pradesh, which has more than 1,100 members spread across the state, would like to bring to attention of state government the ground reality of real estate sector in the state. They pointed out that Coronavirus pandemic has had a deadly impact on the real estate from which it has not yet recovered. Many developers are continuing to suffer due to financial crunch, hike in prices of raw materials and unavailability of labour.
The Credai leaders said the market has not yet reached a normal state and demand is yet to pick up. They underlined that given the situation, state government should not increase the market value of lands and sites in the state from June 1, 2023.
Rambabu and Sridhar pointed out that revenue from registrations across the state has fallen down compared to the previous years. Majority of sub-registrar offices have not reached the targeted revenue as property sales are dull. Given the circumstances, if the state government goes on to increase the market value of lands, it will lead to a negative impact on the construction industry, they underlined.
On behalf of Credai, they requested AP government to withdraw the proposed hike in land values from June 1 for survival of the real estate sector.