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The Andhra Pradesh government led by Chief Minister YS Jagan Mohan Reddy brought a new Government Order on the layouts that come in Municipalities and Corporations across the state. The real estate companies faced a big shock with the recent G.O issued by the state government.
As a sensational decision, the government issued a Gazette Notification saying that the layouts should give 5 percent land in the layouts. If they cannot give land in the same layout they can hand over 5 percent of the land within a radius of 3 km from the layout. The government gave another option of paying money for 5 percent of the land.
The realtors will get impacted severely by the GO as they have to leave a total of 15 percent of the lands in the ventures. It is a rule that 10 percent of land should be left for social needs. With the new GO, the land that will be set out in the layout goes to 15 percent.
Who will bear the losses we suffer from the new Government Order? It was we who brought the lands for starting the ventures. How come the government steps in and asks us to shell out 5 percent of land for the government schemes, they ask.
The Realtors wonder what more schemes would the government bring in the coming days. No one understands the logic behind asking the realtors to give land so that the government can use the lands for the flagships schemes. We haven't seen such an incident in the past. The 5 percent of land that would be taken from the layouts will be used for the YSR Jagananna Colonies project so that the beneficiaries of the scheme can get the land.
Looking at the practicality issues of the new Government Order, the realtors will lose a good share of land as the percent of land that goes out of their hand will now go up to 15 percent which will cost them a bomb. There is also an opinion that the layouts which won't give the share of land will not be approved.