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.

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