REALTY BUZZ Vijayawada

Realtors pushed to the brink in Prakasam

Thanks to the Thullur effect, property registrations in Ongole which had been in the hot race for location of State capital last year, has failed to pick up during 2014-15 fiscal so far.

Even the State government’s announcements to develop Prakasam district into a logistics hub has failed to lift the sentiments as realtors have burnt their fingers putting their money in and around Ongole as also Donakonda on speculative deals.

With the initial euphoria over Ongole being named capital evaporating in the thin air, the realty bubble has burst in Prakasam district, feel the realtors here.

“There are no buyers of plots as also apartments. The hike in the cost of construction material including sand, cement and steel have added to our woes,” explained A. Venkateswara, a leading realtor in the city.

Revenue from property registrations is a mere Rs. 58.43 crore so far as against the target of Rs 125.97 crore for 2014-15 fiscal in Ongole region, explains District Registrar V.Muralikrishna in a conveRsation with The Hindu.

In Markapur region, revenue from property registrations is a paltry Rs 35.73 crore so far against the target of Rs 84.49 crore fixed by the government, he says, adding ''there is no sign of the Property registrations picking in the immediate future''.

There are no takers for even for prime property in Prakasam district, barring the Martur area close to Chilakaluripet, laments another realtor G. Rajendran.

The State Government should speedily ground the Ramayapatnam sea port project as also Donakonda airport and link up the Donakonda industrial city with the National Manufacturing and Investment Zone (NIMS) for economic activity to pick up in Prakasam district which remains backward since its formation in 1970 drawing the most backward parts of Kurnool, Nellore and Guntur, opines Prakasam district Development Forum President Ch. Ranga Rao.

The registrations being done now are only related to mortgaging of property to raise funds by cash-starved business people, adds yet another realtor I. Veerababu.


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Printable version | Dec 9, 2021 2:16:37 PM | https://www.thehindu.com/news/cities/Vijayawada/realtors-pushed-to-the-brink-in-prakasam/article6764696.ece

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