Corporation proposal to spur realty growth in Srikakulam
More residential zones are likely to come up with the expansion of the Srikakulam municipal jurisdiction, according to apex body CREDAI
Apr 30, 2015
Source : The Hindu

 

 
Srikakulam: Srikakulam realty sector which has been facing rough weather for many years is likely to be benefited with the proposal of making Srikakulam municipality as a municipal corporation.
 
According to assessment of Confederation of Real Estate Developers Association of India-Srikakulam chapter, more residential zones are likely to come up with the expansion of the Srikakulam municipal jurisdiction. Currently, development is taking place in haphazard manner with the lack of supervision over the construction activity. Majority of the apartments do not have civic amenities such as drainage system and internal roads.
 
CREDAI - Srikakulam chapter president Gurugubilli Raju said: “The proposed municipal corporation will have financial strength as it will get substantial funds from the government. Moreover, it can generate more revenue with expansion of its jurisdiction. Naturally, the funds will be utilised for providing civic amenities in new residential areas.”
 
Currently, it takes almost one year to get the approval from Visakhapatnam Urban Development Authority and other agencies for construction of apartments. The builders need not need to wait for longer period since the corporation will have powers to approve the plan and sanction permissions even for high rise constructions.
 
The move will enable builders to take up construction activity on the outskirts too where land is available at affordable cost. For instance, cost of a square yard land is priced between Rs. 25,000 and Rs. 35,000 in Srikakulam town limits. It is priced between Rs. 6,000 and Rs. 8,000 on outskirts such as Srikakulam-Amadalavalasa, Srikakulam-Etcherla and other routes.
 
“A luxury apartment costs around Rs. 25 lakh in Srikakulam with skyrocketing of land prices. It may be available between Rs. 17 lakh and Rs. 19 lakh in new residential areas with all amenities. So, the proposal of corporation is set to benefit apartment buyers in future,” said a builder of New Colony.Srikakulam Citizens Forum and other organisations are also insisting for more amenities and control of haphazard development in the town. “Planned growth is needed for any town. Currently we don’t have integrated drainage system.
 
The government should concentrate on it by following the master plan regulations. Then only new residential zones would come up in an organized manner,” forum president Baratam Kameswara Rao.

Latest Realty News

Muthoot-Homefin-cuts-home-loan-rate-by-0.3-pc-to-9.90%
Apr 30, 2015
New Delhi: Muthoot Homefin, a Muthoot group company, cut its home loan rate by 0.3 per cent to 9.90 per cent
Union-Cabinet-gives-nod-to-100-smart-city-projects
Apr 29, 2015
New Delhi: The Union Cabinet cleared two proposals on Wednesday-one for 100 smart city projects and another for old housing projects initiated by the previous government
Competition-panel-scanner-on-DDA-for-unfair-business-practices
Apr 29, 2015
New Delhi: The Competition Commission has ordered an investigation against the Delhi Development Authority (DDA)
Realty-funds-struggle-on-long-term-returns
Apr 29, 2015
Mumbai: Even as equity markets have decisively come out of a long downturn, real estate continues to suffer
Punish-builders-flouting-safety-norms:-DM
Apr 28, 2015
NOIDA: Gautam Budh Nagar district magistrate N P Singh asked Noida and Greater Noida authorities to inspect buildings for safety parameters
Guardian-min-steps-in-to-stop-razing-of-illegal-structures-along-creek
Apr 28, 2015
THANE: The illegal commercial structures that have come up across the Mumbra-Kalwa coastline have been spared the axe
Bizman,-2-builders-held-for-cheating-bank
Apr 28, 2015
NAVI MUMBAI: A 36-year-old businessman, Navin Kunjar, was arrested along with two builders
Piramal-Fund-invests-Rs-225-cr-in-realty-project-in-Ahmedabad
Apr 28, 2015
Mumbai: Private equity company Piramal Fund Management (PFM) has invested Rs 225 crore in realty firm Ganesh Housing
HC-notice-to-BDA,-3-others-for-selling-park-land
Apr 28, 2015
BENGALURU: The Karnataka high court ordered notice to the BDA and BBMP over a PIL challenging the allotment of land reserved for a park in the city
80%-of-Delhi's-buildings-won't-stand-a-quake
Apr 28, 2015
NEW DELHI: Delhi is located in seismic zone 4, making it highly vulnerable to earthquakes.

Latest Realty News Of State

Realty Talk's