If the Y S Jagan Mohan Reddy government in Andhra Pradesh has its way, Amaravati, the present capital region of the state which has been lying in a state of utter neglect, is set to witness a big boom in the real estate sector.
On Monday, the Jagan government issued an order removing a condition imposed by the previous Telugu Desam Party government on granting permission for layouts for construction of residential apartments within a distance of 500 metres from the existing villages.
Apparently, the condition was imposed as part of the masterplan of Amaravati capital region, in order to prevent haphazard construction of housing apartments and buildings so that more land would be available for the capital city.
Now that the Jagan government has decided against developing Amaravati as the only capital city of the state, there have been proposals from the AP Capital Region Development Authority (APCRDA) to do away with this 500 metres restrictions on constructions.
Even the real estate companies have been asking for the government to remove the condition so that they could develop the land for housing projects. After examining the proposals, special chief secretary (municipal administration) Y Srilakshmi issued orders to that effect.
Accordingly, the real estate projects can take up layouts even beyond 500 metres from the existing villages, so that more land would be available for real estate dealers for constructing high rise apartments and commercial buildings.
The officials are arguing that it would not only result in large scale development of Amaravati but also fetch huge revenues to the government in the form of layout fees, stamp duty and registration fees.
So, one can expect Amaravati turning into a huge real estate market soon!
