“The non-enforcement of RERA in AP means that all the corruption that was bedevilling the real-estate market prior to the Act’s enactment in December 2016 is back with a vengeance. In Andhra Pradesh, the Department of Municipal Administration & Urban Development is responsible for the enforcement of RERA, which has been in force in the state since May last year, but the department has been neglecting the enforcement, he said. Under the Act, all commercial and residential real estate projects spread over more than 500 sq metres of land, or those proposing to build more than eight apartments, are required to register the projects with the Real Estate Regulatory Authority (RERA) in each state. According to another Vizag-based developer, who did not wish to be identified fearing retaliation from the state government, the government has not been enforcing the Real Estate (Regulation and Development) Act 2016 in the state.
The apartment inventory has slowly disappeared, and new projects are being announced in suburbs like Madhurawada,” said DRK Raju, managing director of Aruna Constructions. This also forced builders to stop new projects and focus on completing ongoing projects.
“The residential real-estate market is dependent almost entirely on middle-class, salaried buyers who stopped looking for a house to buy when demonetisation was enforced, because they could no longer pay 50% of the cost of the apartment in unaccounted cash or black money to builders who were demanding such payments. However, the market is showing the green shoots of recovery, real estate industry sources said on Monday. Visakhapatnam: The demonetisation of high-value currency notes in November 2016 dealt a near-fatal blow to the residential real-estate market in Visakhapatnam, the largest city in Andhra Pradesh.
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