Members of the National Real Estate Development Council’s Central Zone, Andhra Pradesh, on Saturday appealed to the Stamps and Registration Department to put on hold the increase of market value prices of land from June 1 for a period of one year and give the industry the breathing space it requires to return to normalcy.
In a letter addressed to the Inspector General, Stamps and Registration Department, president of NAREDCO-Central Zone K. Mukhteswara Rao said the real estate sector in the State was currently going through a very tumultuous phase with this year’s sales down by 80% as compared to the pre-Covid period. He said the Department of Stamps and Registration would have first-hand data of the decrease in activity and thus, it would be able to comprehend the woes of the real estate sector.
The real estate sector, he said, is a source of livelihood to many families and this drastic drop would bring the already fragile sector to its knees. “At this moment, any action such as an increase in market values of lands will invariably hit us even more and will further affect our sales and your exchequer targets and destabilise an already crippled sector,” he said.
