In a release in Visakhapatnam, the newly-elected president of CREDAI, AP, Bayana Srinivas Rao, emphasised that scrapping the NALA Act will significantly reduce costs for property developers and landowners
Visakhapatnam: The Andhra Pradesh chapter of the Confederation of Real Estate Developers Association of India welcomed the state government’s decision to repeal the Non-Agricultural Lands Assessment (NALA) Act, calling it a progressive step that will ease financial and administrative challenges facing the real estate sector.
In a release in Visakhapatnam, the newly-elected president of CREDAI, AP, Bayana Srinivas Rao, emphasised that scrapping the NALA Act will significantly reduce costs for property developers and landowners. By eliminating conversion charges, the decision will streamline the development process, attract more investment, and accelerate real estate growth in the state, he said.
This crucial reform will make housing and infrastructure projects more affordable, ultimately benefiting homebuyers and the broader community, the president said. He acknowledged that the decision would stimulate economic activity and urban development by removing a major financial hurdle in land utilisation.
Expressing gratitude to Chief Minister Chandrababu Naidu, the president lauded the administration for addressing industry concerns and prioritising a pro-development approach. The organisation reaffirmed its commitment to working alongside the government to create a favourable environment for real estate expansion and economic progress in Andhra Pradesh. With this policy shift, the state is poised for accelerated urban growth, paving the way for increased investment in housing, commercial projects, and infrastructure, he added.
