Realtors in Andhra put on hold sale of plots/flats
VJAYAWADA: Anticipating a decision on state bifurcation by the Congress core committee and the Union government, the local realty sector has suspended its transactions in the last few days.
Local builders conducted a meeting here and decided to slow down the sale of flats and plots in view of the hectic political activity on the Telangana issue. According to builders, nearly 30 ventures were completed in the city.
Presently, the land price in the city is somewhere between Rs 2,500 to Rs 4,000 per square feet and the realtors are planning to increase the prices by Rs 500 to Rs 1,000 per square feet.
A city-based realtor, S Srinivasa Rao, said that the business has witnessed a slump in the past six months due to confusion on the state bifurcation issue but with the Union government hinting at the possible formation of the Telangana state, the realtors are expecting good demand for land in the next few weeks.
Rao said that there is no wrong in increasing the prices of flats and plots due to the slump and the recent increase in the prices of cement, iron and other construction materials.
Greater Vijayawada Builders' Association secretary, V Subba Rao said that there is no land available for ventures in the city and thus, the land price will shoot up automatically after announcement of the Telangna decision, beneficial to realtors who have been incurring losses for the past few months.
Another realtor, K Nageswara Rao, said that many people had invested money on gold in the recent past due to confusion about division of the state. As the Union is sending signals on the state division, the realtors are hoping for a good business from the next month, he added.
News Posted: 26 July, 2013
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