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VCCI submits a representation regarding the impact of Government proposal to increase the market value of the land on public.

VCCI-submits-a-representation-regarding-the-impact-of-Government-proposal-to-increase-the-market-value-of-the-land-on-public.

The President of VCCI Mr. Veera Mohan and Secretary Mr.Ravi Godey briefed the press regarding the impact of Government proposal to increase the market value of the land on public. They submitted the following appeal to the Chief Minister, Dy. CM and the Revenue Minister, Chief Secretary, Principal Secretary Revenue and the Joint Collector.

The Vizagapatam Chamber of Commerce and Industry(VCCI) was established in 1931. Since then, VCCI has been representing various business and citizen related issues to the Government.

Recently the Government of Andhra Pradesh proposed to increase the land values which was posted in the AP Government Website and called for objections if any. The VCCI would like to bring to your kind notice the following issues/objections and request you to consider the same in the interest of middle class citizens of our state, stated a representation.

1. In Visakhapatnam the present government value of lands are very high and at par with the market value. In some area the government value is much higher than the prevailing market value.

2. Housing is one of the basic needs of the citizens. Land cost is the major component in housing sector. The increase of land rate in government records will lead to an increase the prices of house sites, houses, flats and agriculture lands. Any increase by the Government would finally reflect on the end cost to the common man.

3. COVID-19 and the economic slowdown has drained people’s finances. With this proposed increase the potential buyers, especially the middle and lower middle classes will not come forward to buy a plot or flat. It will affect the dream of owning a house/flat of these people.

4. The decrease in purchasing capacity of people will have a cascading impact, leading to adversely affecting the building industry and real estate. This will ultimately affect the revenue to the government.

5. Andhra Pradesh is one of the few states in India that has been upwardly revising land rates every year from 2015 to 2019. In these 5 years the Government land rates doubled. In fact after the bifurcation of the State the market value hasn’t gone up. The previous government treated this as a source of revenue. Request your good office not to do the same thing like previous regime especially during these difficult times.

6. VCCI would like to bring the stand of our neighbouring states on this subject to your notice.

To invest in Visakhapatnam/Vizag here is the best tailored options.

Telangana: Still following the rates that were fixed in 2013

Karnataka: Announced that there won’t be any increase till 2021 and are in fact initiating to reduce the guidance value by 5% to 10%

Tamil Nadu:
Offering stamp duty exemption on apartments. Reduced guidance value by 33% in 2017.

Odisha: Did not increase benchmark value from 2017.

Compared to these states, AP has higher percentage of poor and middle class citizens.
The present Government under the dynamic leadership of the Chief Minister is known for good governance and people friendly policies. Considering the present economic slowdown due to various reasons, and understanding the difficulties of the people and the business men, we request your good office not to increase the market value for this year

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