Revenue Minister Dharmana Krishna Das urged not to revise land, site values

Vijayawada: Confederation of Real Estate Developers Association of India Andhra Pradesh chapter (CREDAI), a body of real estate developers, on Tuesday submitted a representation to Revenue Minister Dharmana krishna Das requesting the latter not to hike the market values of lands and sites and reduce the stamp duty.

In a memorandum to the Revenue Minister, CREDAI State president B Rajasrinivas and general secretary KSC Bose and others executive body members said that the real estate sector is facing many hurdles due to Covid and the sector will be further demoralised with the third wave looming large on the State. They asked the Minister not to revise the market values of land and sites in the State and postpone that proposal to next year.

They said revision of the market values will be overburden to the realty sector and further create negative impact on the construction industry and also on the general public. The CREDAI also requested the Revenue Minister to reduce the stamp duty from existing 7.5 percent to 2 percent on the same lines that it was done in the year 2009. They recalled that the former CM Y S Rajasekhar Reddy had slashed the stamp duty to 2 per cent and it continued two years in view of the global financial crises and helped the realty sector a lot.