AP government put check to Real Estate “boom” in Vijayawada after the announcement of the capital of the state. Government orders both VGTM and VUDA corporations not to give permissions to lay-outs in Vijayawada. Government decision causes worrisome to the Real Estate businessmen and developers. Some of the companies were invest huge sum of the money and waiting for Government permissions.
Ministry of Urban Development Venkaiah Naidu said that Real Estate business in Vijayawada is in danger. Initially, AP Government gave oral orders on lay-outs to VGTM and VUDA. Even after that real estate can’t put in control. This forced Government to issue GO to VGTM and VUDA. VUDA gave approvals for 476 lay-outs between 2008 and 2014. In last two months, there are around 250 lay-outs are waiting for permissions from VUDA.
In some cases, real estate companies have completed lay-outs without applying for permissions to VUDA in two districts. Government order would control the real estate prices in two districts. For constructing new offices in Capital, AP Government needs huge acres of land. Keeping the requirement in mind, AP issued the GO.
