A major property show organised by the Visakhapatnam chapter of Confederation of Real Estate Developers’ Associations of India, Vizag Property Expo-2015, opened at Swarna Bharathi Indoor Stadium on Friday. It will be on till Sunday.
Over 60 builders with 400 projects are participating in the show. Besides, 50 products are on display. Inaugurating the show, Minister for Panchayat Raj Ch. Ayyanna Patrudu stressed the need for bankers offering loans at rates comparable to international rates.
The city has great potential to become financial capital in the next 10 years and builders should keep all sections in view. On the scarcity of sand, Mr. Patrudu said the need of the hour was to look for alternatives.
SBI General Manager Ashiwn K Mehta said the city had brilliant future. With 78 branches, SBI had 40 per cent business share. It had one central processing centre and planned open another one, he said.
While assuring quick approvals by VUDA, Vice-Chairman T. Baburao Naidu wanted realtors to go in for transparent and systematic transactions. Several layouts without clear title deed and mutation were observed and a situation had arisen where buyers were paying hard-earned money and had to go to courts because of such transactions. Unauthorised layouts involved 2000 to 3000 acres and government was also losing revenue, he added.
CREDAI Andhra Pradesh Chairman K. Subba Raju wanted banks to give up their hesitance in financing real estate projects. The show being organised by CREDAI after 15 years brought together customers, builders, building materials and financial institutions and banks.
CREDAI Visakhapatnam Chairman B. Raja Srinivas said CREDAI has more than 350 members that follow a code of conduct. It was committed to quality construction. Property rates would go up in the city as it became a major destination after bifurcation, he said adding SBI was offering attractive terms now.
CREDAI President K. Rama Krishna Rao, vice-president G V V S Narayana, honorary secretary P. Koteswara Rao, joint secretary K S R K Raju and treasurer B. Srinivasa Rao participated.
