Cabinet nod gives new hope to real estate, construction work

Vijayawada: Cabinet approval for regularisation of 99 pending layouts across Capital Region Development Authority has given a new hope to real estate and construction industry. Realtors had faced a tough time with the government stalling permissions just when they had hoped for largescale development after the announcement of the capital at Amarvati. The Cabinet decision clears the clouds.

The suspension of land registrations in the capital region had impacted the real estate sector. Many realtors who had invested in Nuzvid expecting the new capital to be located there had run into losses after Amaravati was picked for the capital. Realtors in the city had then shifted focus to Gannavaram and Poranki and many applicants had approached the CRDA for layout permission. Then, the demonetisation in November badly hit the real estate business and many realtors were faced with poor demand.

“We had taken up 18 acres for development at Kesarapalli and waited for more than four years for permissions and approvals. Customers have lost faith in the ventures with land pooling at VGTM Uda approved layouts for Gannavaram airport expansion,” said Mr Kandula Chaitanya Krishna, a realtor. "Thousands of families depending on real estate will benefit from the decision taken by Cabinet. We will soon start layout works  under the AP Land Development Rules-2017 through which getting permissions will become easy,” he said.

“Layouts for which permission was sought before the CRDA was formed will be considered in this scheme. The decision was taken after careful examination by the Cabinet sub-committee. We will approve layouts with the GO which is to be issued soon,” says CRDA director, development control, V. Ramudu.