Vijayawada Turns Into a Goldmine for Realtors

Published: 07th September 2014 06:00 AM  |   Last Updated: 06th September 2014 11:39 PM   |  A+A-

VIJAYAWADA : Vijayawada, the city around which the new capital for the residuary state of Andhra Pradesh will come up, has turned into a goldmine for big time investors in real estate.

In a state where business and politics are intertwined, a lot of hype was being built since a few months over better prospects for the coastal corridor between Vijayawada and Prakasam -- the stretch where the capital was expected to come up. With each passing day, land rates were going up, only to reach the peak once CM Chandrababu Naidu announced in the Assembly that the AP’s capital will come up around Vijayawada.

Apart from farmers and others holding small chunks, politicos of all hues as well as big industrialists, who have been sitting on huge land banks, have literally hit the jackpot. Among those who acquired lands over a period of time are MLAs, Ministers and MPs and the bigwigs of film industry, though represented by their nominees in official documents.

According to information gathered from various sources, hundreds of acres have been acquired by prominent/monied people in the mandals of  Kanchikacherla, Veerulapadu, Chendarlapadu, Mylavaram,  Nuzvid, Agirilpalli, Musunuru, Bapulapadu and A Konduru -- all of them in Krishna district for which Vijayawada had been the commercial hub since decades. There are also some who were said to have purchased lands in Nandigama, Mylavaram and Nuzvid constituencies, all of them contiguous to Vijayawada. Once work on building the capital begins, almost every town abutting Vijayawada is expected to benefit from the spin-off effect, thereby resulting in a sharp rise in land prices.

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