5 things property purchasers should know about the Andhra Pradesh Real Estate Regulatory Authority

By Bricksnwall | 2024-06-14

Real estate prices in Amaravati have skyrocketed with the return of Andhra Pradesh's Chief Minister Chandrababu Naidu.

Following Telugu Desam Party president N Chandrababu Naidu's return to power as Andhra Pradesh president Minister, real estate investors are exhibiting increased interest in the state's property market.

"Our state will have Amaravati as its capital. We would strive to develop the entire state, not just a few areas," Naidu said on the eve of his swearing-in event. He also stated that Visakhapatnam will be built as an economic capital and an advanced special city.

Property prices in Amaravati have skyrocketed by 60-100% since the results of the state assembly and general elections were announced on June 4. Sectoral specialists predict an increase in demand across asset classes and increased stability in the state's real estate market as the new government's policy agenda takes shape over the next 3-6 months.

Here are five things prospective homebuyers should know about the Andhra Pradesh Real Estate Regulatory Authority (APRERA).

1. There are currently 200 agents and 4,915 registered projects.

APRERA, founded in 2017, is located in Vijayawada and led by Special Chief Secretary Y Srilakshmi. The regulatory organization now has 200 property agents registered with it.

Furthermore, of the 5,608 project registration applications received, APRERA has authorised 4,915 to date. Furthermore, 123 projects are now in progress, according to the official website's dashboard.

2. Case metrics for Form M

APRERA has disposed of 232 of the 349 cases received under Form M, which include complaints about flaws in real estate projects. Approximately 46 cases are currently active, with 18 ongoing before the National Company Law Tribunal (NCLT). Furthermore, 53 cases are available for order.

"A majority of the cases are related to delayed completion of projects in Guntur and Krishna districts," stated an APRERA official. Others involved the failure of genuine developers to supply specific amenities promised in property brochures, the insider said.

3. Cases under Form N.

In terms of Form N cases, which are used to file compensation-related complaints, 117 of the 125 instances received have been resolved. According to information available on APRERA's official website, 8 cases are now active, with two pending before the NCLT.

4. Appellate Authority

While the Andhra Pradesh Real Estate Appellate Tribunal was established in 2019, no cases were received or heard until recently, according to an APRERA member. So yet, less than ten cases have been registered and are yet to be heard by the tribunal.

5. Openings in senior positions

According to a person familiar with the situation, both the state's real estate regulating authority and appellate tribunal now have at least two senior-level vacancies.

Source: Hindustan Times