VIJAYAWADA: Following bifurcation, the formation of Capital city Amaravati, near Vijayawada and Guntur, has paved the way for a boom in the real estate sector. If the players and the analysts of the sector were to be believed Vijayawada-Guntur could well emerge as the Hyderabad-Secunderabad of Andhra Pradesh.They said that the area towards Machilipatnam from Vijayawada was a convenient residential area, however, some realtors said that the public was showing more interest towards Visakhapatnam, rather than Vijayawada. However, demand for property near the Capital city is on the high, realtors said.
People are showing interest not only in small houses worth Rs 10 lakh but also in villas worth Rs 3 to 4 crores, thereby proving that people belonging to all economic strata are willing to invest in real estate near the capital city, realtors said. “An apartment near the Capital city is being offered at as low a price as Rs 10 lakh now and that may be available even for Rs 8 lakh, with the loan from the Central government” said K Rajendra, General Secretary of CREDAI. A real estate developer, Krishnarao, said that the demand for housing near Vijayawada and in places like Kanchika cherla, Namburu and Bandar were also high.
But when the whole district was considered, Visakhapatnam had higher demand than Vijayawada, as there were a few minus points for Vijayawada such as that expansion was not possible as the city area was limited. Vijayawada still needed time to compete with Hyderabad, analysts felt.
With the advent of the International Airport and Bandaru port, the future of Vijayawada however, looks bright with high demand in real estate prevailing at this point in time. In the coming days, there are chances that property prices in the residential areas of Bandar and Amaravati may increase. As the Government is arranging for more than two lakh houses for the middle class people, the players in the real estate sector are optimistic that Vijayawada-Guntur can challenge Hyderabad-Secunderabad in near future.