*New Executive Committee elected for NAREDCO Central Zone
*Government decisions provide a boost to the real estate sector
The real estate sector in Andhra Pradesh is regaining its former glory, and the government’s positive policy decisions have infused fresh confidence and enthusiasm among industry players, said Gadde Chakradhar, State President of the National Real Estate Development Council (NAREDCO).
A meeting of the Central Zone Annual General body of NAREDCO Andhra Pradesh was held at a hotel in Vijayawada. On this occasion, members recalled the policy and administrative difficulties faced during the previous government’s tenure. Addressing the gathering, State President Gadde Chakradhar praised the current government led by Chief Minister N. Chandrababu Naidu, saying that the Chief Minister’s industrial vision and clear understanding of urban development have been key factors in the revival of the real estate sector.
He stated that the key reforms being implemented in the State are highly beneficial to landowners and developers. In particular, he highlighted the approval of Transferable Development Rights (TDR) bonds, a 50‑percent exemption in the Vacant Land Tax (VLT), and the reduction in stamp duty on family partition transactions as measures that have brought significant relief to the industry.
Later, Vijayawada Zone President N. Vijaya Kumar spoke, appreciating the government’s free sand policy, transparent systems introduced in building and layout approvals, and the regularization of nalas (storm‑water drains), saying that these measures are also greatly benefiting common citizens. In the same context, he urged the government to complete, on a war‑footing, the alignment works for the crucial Inner Ring Road (IRR) and Outer Ring Road (ORR) for the capital city Amaravati.
The new executive committee of NAREDCO Central Zone was unanimously elected with N. Vijay Kumar as the President, G. Hari Prasad Reddy as Secretary, and T. Ratna Kumar as Treasurer. State President Gadde Chakradhar, Executive Vice‑President Paruchuri Kiran, and State Secretary M. Sitaramayya participated in the event, felicitated the newly elected office‑bearers, and extended their congratulations. They expressed the hope that, in the coming days, the new committee would take up sector issues with the government and work towards further advancing the real estate industry on the path of growth and development.