There will be a big housing boom in the city to cater to the growing needs and the State Government will address the problems being faced by the builders, according to State HRD Minister G. Srinivasa Rao.

He was speaking at the inaugural of the third property expo of Confederation of Real Estate Developers Associations of India at Andhra University Engineering College Grounds here on Friday. Over 80 stalls displaying housing properties, plots and building materials were set up.

Srinivasa Rao assured builders that a meeting would be arranged with the Principal Secretary, Municipal Administration, to sort out long-pending issues like NALA and conditions relating to high-rise buildings and other issues.

Though a number of housing projects including multi-storied buildings were taken up in recent times, "the demand is continuing to grow," the Minister said.

He said the State Government was planning to construct six lakh houses and the Central Government was also planning houses in a big way under housing for all. The CREDAI should join hands with the government in housing projects. CREDAI members should ensure quality and pricing, he added.

Visakhapatnam Lok Sabha member K. Haribabu saw better days for housing sector and said the interest rates would further come down. “This year I see an interest rate of 8.5 per cent displayed prominently at a nearby stall and it would come down to 6.5 per cent and the government was acting in that direction,” he said.

CREDAI Andhra Pradesh Chairman K. Subba Raju urged the MP the resolve the problem of CRZ regulations.

SBI DGM V. Sambandan said the bank had always been offering lowest interest rates and customers would greatly benefit by the interest subvention announced in the Budget.

sarma.rs@thehindu.co.in

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