Real estate business badly hit in Srikakulam dist

SRIKAKULAM: Real estate business has been badly affected across Srikakulam district for the last several years. Earlier, the sector received a boost and some of the traders and brokers cashed in on the situation by cheating innocent purchasers. But later it was badly hit across the district as people have become aware of the loopholes in the real estate business.

Prime reason for the current slump of the real estate activity is demand is not increasing for house sites on par with availability of sites in the mushroomed real estate ventures.

Another reason for fall of this business is people living around urban and semi-urban areas are wishing to construct houses in their own villages as the cost of the sites in real estate ventures is very high.

Cost of house sites is also so high in urban and semi-urban areas in the district and as such middle class people are staying away from going for purchases.

In major panchayats, price per sq yard is Rs 20,000 while in semi-urban areas it is Rs 30,000.

While in outskirts, the cost of a sq yard in semi-urban areas has increased from Rs 42,000 to Rs 52,000 and price for the same extent is Rs 62,000 in urban areas.

Demand for house sites has gone down in the district as most of the people wish to settle in their native village or to migrate to other places across the State.

Lack of industrial development and no growth of commercial and educational institutions are also reasons for fall of demand for house sites.

As a result, selling and purchasing activity drastically fell in the district but brokers are still moving across the district to “cheat” innocent customers whenever and wherever it is possible.