3 days ago
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The second day of the Confederation of Real Estate Developers’ Associations of India property show under way in Vijayawada witnessed a steady rise in footfalls on Saturday, January 10.
Around 2,000 people have visited the property show so far, which is being organised at A Convention Centre in the city. The organisers expect the number of visitors to touch 5,000 by Sunday, the concluding day of the event.
The improved response compared to last year reflects changing trends in the real estate sector, said Dasari Rambabu, A.P. CREDAI general secretary. He said that while the market continues to remain dull in the State, barring Visakhapatnam, certain construction-friendly policies introduced by the government have provided some relief to builders.
Mr. Rambabu explained that Visakhapatnam is witnessing some activity due to the growth of the IT sector. However, he said that the existing policies are largely pro-builder and not pro-investor. Owing to limited employment generation, there are not many buyers in the market, he said, adding that people are hesitant to purchase properties despite the favourable policies.
Stating that CREDAI has represented to the government on the issue, Mr. Rambabu said a concession on stamp duty could encourage buyers and revive demand.
He noted that the real estate market in Vijayawada, which saw a significant boost between 2013 and 2017, has not fully recovered. The period between 2018 and 2023 was the worst for the sector, he said, adding that the market began to stabilise from 2024 and is expected to improve further towards the end of this year.
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