Latest news with #AndhraPradeshBuildingRules
The Hindu
16 hours ago
- Business
- The Hindu
Builders hail building regulations, seek amendments to NALA Act
Small-scale builders and owners of LIG category residential buildings will benefit the most from the key amendments in the Andhra Pradesh Building Rules, 2017 approved by the State Cabinet, sources in the Confederation of Real Estate Developers Association of India (CREDAI) said. This means that builders of structures up to G+4 categories or flats under 300-400 sq m will have ample options and relief from some restrictions, thereby helping them join the real estate and urban development sector in cities like Visakhapatnam. However, builders have expressed dissatisfaction over the lack of clarity on the Non-Agricultural Land Assessment (NALA) Act. As per the statements made by Chief Minister N. Chandrababu Naidu on several occasions, including the third District Collectors' meeting held in March, the NALA Act is expected to be repealed, citing it as a major impediment to urban and real estate development. 'We have come to know that the government is discussing the implementation of 4% charges for land conversion (agriculture to commercial) under the NALA Act, instead of 5% charged by the previous government. We want the Act abolished. We have urged the government to amend the law on land conversion in terms of acres instead of square yards in urban areas. This will be beneficial to urban developers. We are not worried about 4% or 5% charges for conversion,' said a senior builder on the condition of anonymity on Wednesday. In Visakhapatnam, the real estate sector has an annual turnover of around ₹700 to ₹800 crore. It is expected to touch ₹1,000 crore mark annually. This will be possible if the government accelerates projects like operation of software companies, employment generation and flow of financial transactions. The GVMC and VMRDA should complete the master plan roads and projects as soon as possible, they said. 'We discussed the need for basic completion of roads with the GVMC Commissioner. We are expecting a boost in the real estate sector as the market has been sluggish for the last 18 months. Approximately 10,000 residential units still remain vacant due to no sale. Now, the market is gaining some momentum,' said CREDAI city president E. Ashok Kumar.
Time of India
a day ago
- Business
- Time of India
CREDAI Andhra Pradesh hails cabinet nod for amendments to building rules
VISAKHAPATNAM: The Confederation of Real Estate Developers' Associations of India (CREDAI), Andhra Pradesh Chapter, has lauded the State Cabinet's approval of key amendments to the Andhra Pradesh Building Rules, 2017, calling it a landmark step in reforming the urban development framework of the State. Tired of too many ads? go ad free now In a statement issued on Wednesday, CREDAI Andhra Pradesh President Bayana Srinivas Rao extended the association's heartfelt gratitude to Chief Minister Nara Chandrababu Naidu for his leadership in clearing the long-awaited regulatory amendments. He also acknowledged the pivotal roles played by the Minister for Municipal Administration and Urban Development, Dr. P. Narayana, and the Minister for IT & HRD, Nara Lokesh, in steering the reforms forward. Welcoming the Cabinet decision, chairman of CREDAI AP Buddiga Srinivasu described the move as a progressive measure aimed at enhancing transparency, efficiency, and investor confidence in the real estate and construction sectors. 'These amendments mark a new chapter in urban governance and planning in Andhra Pradesh,' said Dasari Rambabu, General Secretary of CREDAI AP. 'The reforms reflect the Government's proactive and development-oriented vision. They are expected to streamline the approval processes, eliminate long-standing bottlenecks, and create a more predictable environment for project execution,' he said. CREDAI city chapter presidents from across the State echoed similar sentiments, underlining the crucial role of the real estate and construction sectors in powering economic growth, creating employment, and driving urban transformation. Tired of too many ads? go ad free now By addressing key regulatory challenges and modernising the legal framework, the State Government has taken a decisive step towards positioning Andhra Pradesh as a globally competitive and investment-ready destination, the association noted. Describing the Cabinet's decision as a 'catalyst for sustainable development,' CREDAI expressed confidence that the reforms would open up new avenues of opportunity across the sector and contribute meaningfully to the Chief Minister's vision of building a $1 trillion economy for Andhra Pradesh. Reaffirming its commitment to collaborative development, CREDAI Andhra Pradesh pledged to continue working closely with the Government to deliver quality housing, develop world-class infrastructure, and contribute to shaping a Viksit Andhra Pradesh that meets the evolving aspirations of its people. EOM
