Agra, Jun 26 (IANS): Builders and realtors in Uttar Pradesh's Agra have opposed the proposed hike in Circle Rates of land in the Taj city.

In memorandums and petitions to government agencies, they pleaded for a review and postponement of any decision that would adversely affect the growth of this vital sector.

K.C. Jain, President of Real Estate Developers and Colonisers Organisation (REDCO) said: "The property business is already in dumps and facing a serious crisis. If Circle Rates are revised upwards, the move will sound the death knell of this sector."

A large number of incomplete projects are waiting for buyers. City flats are lying vacant as there are no buyers. Even hotels and hospitals are not coming up due to restrictions on construction in the Taj Trapezium Zone, members of the REDCO said.

States like Madhya Pradesh and Haryana have reduced Circle Rates to boost the sagging real estate business so why are we being punished, they asked.