Realtors clueless as realty sector takes a beating in Amaravati

Amaravati: The real estate sector in and around the new capital city of Andhra Pradesh — Amaravati is reeling under a slump. 

With having no sales in the already laid out projects, realtors are facing severe problems in selling their present projects. 

The TDP government has not yet zeroed in capital city designs. As a result, the realtors neither getting profits for the existing projects nor they are able to start new construction projects in the city. As many as 10,000 square yards worth Rs 3 crore is lying vacant in Amaravati. 

According to C Shekhar Reddy, former national president of Credai, said that clients are in an opinion to make purchases only after 2019 elections. He said that banks in the state are hesitating to provide loans to customers. Even NRIs too are investing in lands in their hometowns rather looking for an option in Amaravati, he said. While there are 20,000 plots are ready for sale, construction has been started in only 6,000 plots, representatives of Credai stated.

Besides the demonetisation and the new tax regime of GST, raw materials and its price rise has become a matter of concern for real estate businessmen in the state.