The Confederation of Real Estate Developers’ Association of India (CREDAI), Visakhapatnam chapter, has appealed to the State government to postpone the revision of the market value of land and come to the rescue of builders and the general public, who were suffering severe financial crisis due to the COVID-19 pandemic.
The CREDAI representatives submitted a memorandum to Visakhapatnam MP M.V.V. Satyanarayana on Monday seeking his cooperation in taking the issue to the notice of the State government and saving the construction industry, which was hit by the second wave of COVID-19. Construction workers have left for their native places and now a third and fourth waves were also being predicted, they said.
The market price of land is normally revised in August every year. It would impose an additional burden not only on builders but also on the buyers, they said. The construction industry has been already suffering due to COVID-19 and various other problems during the last 16 months. They appealed to the State government to continue with the existing market values till the situation normalised.
The CREDAI representatives also submitted copies of the memorandum to the Deputy Inspector General (Stamps and Registration) in the District Revenue Department and to the District Registrar.
The representatives of CREDAI Chapters all over the State also submitted representations to government officials in their respective districts on Monday.
