With the return of CM Chandrababu Naidu in Andhra Pradesh, expectations surrounding a resurgence in Amaravati have led to real estate prices hitting the roof
Following Telugu Desam Party chief N Chandrababu Naidu’s return to power as Andhra Pradesh Chief Minister, real estate stakeholders are showing renewed interest in the state’s property market.
“Amaravati will be the capital of our state. We will aim to develop the entire state, not just a few places,” Naidu stated on the eve of his swearing-in ceremony. He further added that Visakhapatnam will be developed as the economic capital and an advanced special city.
Property prices in Amaravati have registered a sharp jump of 60-100% following the verdict of state assembly polls and general elections declared on June 4. Sectoral experts anticipate a surge in demand across asset classes and greater stability in the state’s real estate market as the new government’s policy agenda unfolds over the next 3-6 months .
Here are five things prospective property buyers should know about the Andhra Pradesh Real Estate Regulatory Authority (APRERA).
1. 200 agents, 4,915 projects registered so far
Established in 2017, APRERA is headquartered in Vijayawada and headed by Special Chief Secretary Y Srilakshmi. The regulatory body presently has 200 property agents registered with it.
Additionally, out of the 5,608 project registration applications received, APRERA has approved 4,915 till date. Furthermore, 123 projects are currently under process, as per the dashboard on the official website.
2. Case metrics under Form M
Out of a total 349 cases received under Form M – which includes complaints regarding defects in real estate projects – APRERA has disposed of 232 cases. About 46 cases are currently running while 18 are pending before the National Company Law Tribunal (NCLT). Moreover, 53 cases are reserved for order.
“A majority of the cases are related to delayed completion of projects in Guntur and Krishna districts,” a member of APRERA said. Others involved failure of real developers to deliver certain amenities promised in project brochures, the individual added.
3. Cases under Form N
With respect to cases pertaining to Form N, which is used for filing complaints tied to compensation, 117 out of the total 125 cases received, have been disposed of. Presently 8 cases are running and 2 remain pending before the NCLT, as per details available on APRERA’s official website.
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4. Appellate authority
While the Andhra Pradesh Real Estate Appellate Tribunal was notified as early as 2019, no cases were received/taken up until recent times, as per a member of APRERA. So far, less than 10 cases have been registered and are yet to be taken up by the tribunal.
5. Vacancies in senior ranks
Both the real estate regulatory authority and appellate tribunal in the state currently have at least two vacancies each, in senior ranks, according to a source in knowledge of the matter.
