TIRUAPTI: With the clouds clearing gradually over the new capital city of the residuary state of Andhra Pradesh, the real estate business in the temple town, which has almost remained at the ground level, has been gradually witnessing some rise in the recent days.
Though there are enough indications coming that the capital city will be located between Vijayawada and Guntur spreading towards Tenali, the real estate business in Tirupati, too, is set to gain momentum for its own reasons.
As the new government of Seemandhra expected to decentralise the development for balancing all the areas of the districts, the famous temple town and its surroundings are expected to witness a tremendous development in the coming years for several reasons like the proposed ITIR corridor and also its proximity to two metropolitan cities of Chennai and Bangalore.
“We have had no enquiries for at least six months as there was no clarity over the location of the new state capital. In addition to that the elections added to the scenario. However, now we are
getting enough enquiries from customers though it is becoming clearer that the capital of the state will be located between Vijayawada and Guntur cities, as the people believe that the temple town will witness development even if it is not made the capital city,” said a realtor, who is busy developing another venture on the Tirupati-Srinivasa Mangapuram road.
With the Centre already announcing a plan for establishment of Information Technology Investment Region (ITIR) in Tirupati and also with the town already having all the required facilities in terms of transportation, education, health and other sectors, people will generally opt to Tirupati as a good choice and those prepared to invest on real estate too will go ahead with their plans as they are confident of getting good returns in future as Tirupati will always have its own demand, observes another realtor Sekhar Reddy.
Meanwhile, some of the realtors are now in a mood to withdraw their investments in Hyderabad and are in search of finding suitable location in the new state for transferring the same and there is every scope for majority of them selecting Tirupati as it will give them scope to expand their roots to Chennai and Bangalore, which are located near to the temple town.
Fearing a drop in the real estate business in Hyderabad in the coming days, some of the relaters, especially those from Seemandhra, are in a hurry to move their business to a safest location and the availability of lands around Tirupati will definitely attract them, said a relater-turned-politician on condition of anonymity.
However, the intellectual community feels that as the government is expected to decentralise the development to various parts of the state instead of limiting the same to only the state capital and under such circumstances Tirupati, which already has got the ITIR, will grab more such developmental projects in the near future and expecting the same will give boost to real business, a professor with the Sri Venkateswara University College of Engineering said.