Vijayawada: CREDAI AP appeals to govt not to revise market value of land

Vijayawada: The Andhra Pradesh chapter of the Confederation of Real Estate Developers Associations of India appealed to the State government not to revise the market value of land and sites in the larger interest of the general public.

Addressing a press meet here on Tuesday, CREDAI AP chairman S Venkatramaiah, president B Raja Srinivas and general secretary KSC Bose said that the pandemic played havoc with the economy and

impacted the lives of people in general and the real estate sector in particular. They said that the construction industry is already facing many a hurdle.

As a regular practice, the government revises market value in April every year. But considering the current market conditions, they requested the government to postpone the decision of revising the market value on lands and sites to December, 2022.

They recalled that the basic prices of the construction material like steel, cement, electrical, paints, plumbing material and others escalated abnormally with some of them going up by at least 40 to 50 percent. As a result, the cost of the construction has increased and finally the burden will fall on the consumers.

In this backdrop, they appealed to the government to postpone the revision of market value.