The ground breaking ceremony (Bhomi Puja) for the new capital at Thullur has not brought any cheer to the reality sector, which is on a downward spiral since the last five months.
According to sources, there are no takers for flats under construction. Builders are waiting anxiously for the response from buyers after foundation stone ceremony. “Inquiries for bookings are on, but we are hardly finding buyers these days,” said CREDAI city chapter president Y.V. Ramana Rao.
Sources said before Thullur was finalised as new capital, many names floated such as Nuzvid, Agiripalli and Mangalagiri, forcing realtors to buy huge tracts of land in all the proposed areas. But the situation has now changed. A majority of buyers invested in land in the Capital region and this had cascading effect on Nuzvid, Agiripalli, Gannavaram, Tiruvur and Gunadala, said a retired registrar G. Pullaiah.
This trend has also affected the revenue at the Registration and Stamps Department. Except for Vijayawada Registration District (VRD) , Vijayawada East Registration District (VERD) and Machilipatnam Registration District (MRD) could not achieve the set targets in April.
VRD has achieved 102 per cent target with revenue of over Rs. 22.81 crore as against the targeted Rs. 22.25 crore, while VERD has achieved only 14 per cent of the target of Rs.19.67 crore and MRD achieved 6.33 per cent of Rs.10 crore target, according to sources. Patamata, the commercial hub in VRD limits, registered as many 755 transactions generating revenue of over Rs. 11.25 crore last month, sources said.
