Representative ImageVIJAYAWADA: Confederation of Real Estate Developers Association of India (CREDAI) Andhra Pradesh chapter appealed to the state government to postpone the decision for revision of market value of lands till December 2022.
Speaking to reporters the other day, CREDAI general secretary KSC Bose said the realty sector in state has been struggling with various issues and upward revision of land values would further impact the industry.
Bose said though it is a regular practice to revise market values of lands annually, the current market conditions are not in favour of any upward revision. He observed that the realty sector was one of the worst hit due to Covid-19 pandemic.
With abnormal escalation of basic prices of construction material like steel, cement, paint, plumbing and electrical material, the sector has been completely demoralised, said Bose. “Some of the material prices increased by 40 to 50% in last few months.”