Reforms introduced to rejuvenate real estate sector, says Andhra Pradesh Municipal Administration Minister Narayana

Reforms introduced to rejuvenate real estate sector, says Andhra Pradesh Municipal Administration Minister Narayana. The free sand policy has provided a boost to the construction activities, he says, adding that building permissions have been simplified and a G.O. to this effect has been issued as a Sankranti gift.

Andhra Pradesh Minister for Municipal Administration and Urban Development P. Narayana on January 10 (Friday) said the real estate sector had faced serious challenges in the last five years in the State, causing hardship to lakhs of families dependent on the construction industry.

Speaking after inaugurating a property show organised by the State chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI), Mr. Narayana said the government had introduced several reforms to restore the past glory of the sector.

The previous government’s decision on three capitals led to the collapse of various systems and sectors, he said, adding that the real estate sector significantly contributed to the State’s economy and urban development.

The Minister said the government was focused on development of Amaravati and other towns, ensuring balanced growth, and initiatives such as Smart Cities and improved infrastructure were planned to promote sustainable growth. He said the real estate sector in Vijayawada was growing rapidly due to its proximity to Amaravati, and that development of Amaravati would create job opportunities for youth across the State.

The Minister said 80-90% of the investments worth ₹4 lakh crore, for which Memoranda of Understanding had been signed, were allocated to the North Andhra and Rayalaseema regions.

Claiming that the free sand policy had provided a boost to the construction activities, he said transparency and building permissions had been simplified to reduce challenges for builders.

Mr. Narayana urged builders to support the government’s housing projects for the underprivileged and not focus only on profits. He said developers undertaking projects at reasonable rates were being encouraged with government incentives.