September 6, 2021

Vizag: A major chunk of the people who sold their houses for less that Rs. 50 lakh in the past five years have no option but to relocate to Vizagar, said the real estate department.

“We are receiving complaints about the high prices of houses sold in the capital, and in the last five years, a big chunk, especially in the residential sector, has moved to Vizagra.

The real estate minister, Piyush Goyal, is taking up the issue with the state government,” a senior official said.

The department has received complaints from several quarters about the huge increase in houses sold by the state.

“The real estate ministry has issued a notification to the government stating that it is against the law for people to sell their houses in the name of another person for less then Rs.500,000,” a resident said.

In some cases, a person was able to sell a house for less Rs. 30 lakh and was able move to another location in the same city, said a resident.

The government is now trying to ensure that no-one gets away scot-free, the official added.

The official said the department was also trying to find the people from the state who were selling houses for above Rs. 500,000 and the people selling them for less.

The move comes at a time when the realtors and brokers are trying to maintain their profit margins.

“We are also looking into the problem of foreign buyers, who have bought houses at Rs.1 crore, who are also taking the sale for less,” the official said, adding that the realtor has been instructed to get a list of the buyers from the realestate department.

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