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Rude jolt to realty at Capital Region Development Authority
As the realty continues to struggle hard to recover from the worst-ever crisis in the capital region for want of approval of layouts to be accorded by the Capital Region Development Authority (CRDA) for the last three years, the realtors began mustering strength to lobby with the government, finally.
Vijayawada: As the realty continues to struggle hard to recover from the worst-ever crisis in the capital region for want of approval of layouts to be accorded by the Capital Region Development Authority (CRDA) for the last three years, the realtors began mustering strength to lobby with the government, finally.
The venture developers at a meeting here a few days ago resolved to meet Municipal Administration Minister P Narayana with a request to let the CRDA be flexible in approving the layouts in order to help in bridging the demand-supply gap in housing. Three major organisations representing realtors such as Confederation of Real Estate Developers’ Association, Capital Region Builders’ Association and Andhra Pradesh Real Estate Developers’ Association came under a single umbrella to take up the issue with the government.
According to information, applications for sanction of layouts pertaining to 2,000 acres in the capital region remained pending with the CRDA as its policy relating to promotion of housing activity itself becomes a major road block. To quote a spokesman from the Capital Region Development Authority (CRDA), ventures worth Rs 2,000 crore came to a standstill for want of layouts in these lands ever since the formation of the CRDA some three years ago.
The demonetisation effect too became a double whammy for the realty as transactions over lands, flats and houses were hit badly as the D-effect insists on curbing circulation of black money in the field. The sluggish growth indicated in the 2016-17 financial year in the form of a sharp decline in revenues for government as a result of fall in land registrations.
CPI (M) CRDA region convener Ch Babu Rao said the CRDA’s restrictions on housing activity in the capital region has widened the gulf between the demand and supply. The soaring land cost and the blanket ban on housing in the name of protecting agriculture zone made housing beyond reach for the poor and below middle class sections, he commented.
As per the CRDA regulations, housing is allowed only 500 metres within the existing residential areas in the capital city. It is alleged that the regulations intend to promote the value of lands procured by the government from famers under the land pooling scheme by discouraging ventures by private developers in the capital city.
When the demand for housing is shooting up, manifesting in the form of soaring house rents in Vijayawada, Guntur and the surrounding cities, a whopping 10,000 flats in ventures between Vijayawada and Guntur, costing more than Rs 30 lakh and meant for middle and above middle class segments remained occupied.
A realtor said the demand for housing to suit the purse of the economically weaker sections and lower income groups is on the rise while the houses meant for middle income groups and higher income groups hardly find takers. He said there is a strong need to give a big push by the government in partnership with private developers to promote ventures with flats each costing below Rs 30 lakh to meet the housing requirement of EWS and MIG sections.
By MD Ameen
