No realty business in capital Amaravati

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Prices increased after the foundation ceremony for capital, and made it an attractive proposition for famers to sell their land.

Amaravati: The realty business in the Amaravati capital area has not picked up though the Secretariat employees have begun shifting from Hyderabad.

Dampening the business is the ban  imposed by the government on the registration of land as it distributes reconstituted plots to farmers who pooled their land for the capital.

The nearly 100 real estate offices located at Tullur, Mandadam, Velagapudi,  Malkapuram, Venkatapalem, Rayapudi, Undavalli, Penumaka and other villages in the capital region wore a deserted look due to the absence of interested persons.

The distribution of plots started on June 25 with farmers from Nelapadu and the CRDA had planned to complete the process in a month. It appears, however, that it could stretch to two months.

The locals of 29 villages of Amaravati had hoped for an increase in demand for land after the inauguration of the temporary secretariat complex at Velagapudi.

But with work at the site remaining incomplete, all the staff has not yet moved in.
It appears that the realtors will have to wait till the reconstituted plots are distributed and the temporary secretariat is fully staffed and functional.

Earlier, the CRDA had allowed farmers to sell the land that they had pooled with the government till they were handed over certificates of ownership of reconstituted plots. This facilitated trade in land. According to reports, nearly 6,000 acres of pooled land was sold in the past one year.

Prices increased after the foundation ceremony for capital, and made it an attractive proposition for famers to sell their land. Interestingly, farmers also turned brokers and earned a handsome income riding on the realty boom. But no longer.

Now, with the ban in place, if anybody wants to sell or purchase land in the 29 villages, they have to apply for permission with CRDA and submit its no-objection certificate to the registration department. The CRDA, however, is reluctant to issue NOCs, claiming sale or purchase of land would affect the plot distribution process.

Farmer-turned-land broker N. Subba Rao said the ban on land registration had affected the realty sector as no one was purchasing through there were many sellers.

The CRDA officials said that after getting the reconstituted plots in physical form, the     farmers can sell their assets.

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