Adverse publicity creating confusion

Adverse publicity being given to realty sector to the point that the realty sector is caught in a crisis by media channels have been creating confusion among builders and property buyers, according to TREDA president Suneel Chandra Reddy. At the general body meeting of the NAREDCO West Zone Builders’ association held in Miyapur of Hyderabad city, Chandra Reddy and general secretary Meka Sivaram Prasad, West Zone Builders’ Association chairman Satyam Srirangam, its general secretary M Prem Kumar graced the occasion as chief guests.

The meeting took stock of the situation following increase in costs of materials. Sunil Chandra Reddy said that the cost of construction has gone up by 30 per cent due to increase in prices of building materials. Market value of the government land has been increased on one hand and registration charges have also shot up on the other. Moreover, the realtors have been paying GST and income tax. Double taxation has severely affected the construction sector, he said demanding the decrease of registration charges.

The market fluctuations would not be there on account of withdrawal of the GO No. 111. Moreover, thousands of acres of land will not be put to use by builders simultaneously, he said asking builders to not to worry about it. West Zone builders’ association vice presidents KV Prasada Rao, D Koteswara Rao, B Lakshmi Narayana, Basant Kuldeep, Korrapati Subhash, Lakshmipati Raju, Ram Kumar, Narendra Prasad and others took part in the event.