KURNOOL: With speculation that Kurnool will be made the judicial capital of the State after submission of the report by the GN Rao Committee, the land prices have shot up and agents have started making the most out of the realty boom. The lands towards Nandyal are much in demand as it is strongly believed that the High Court complex will come up near Orvakal on the Kurnool-Nandyal road.
Orvakal, which is popular for its rock formations, lies 30 km away from Kurnool city. The towns and villages en route have already witnessed realty development.
According to an estimate, about 500 acres of land adjacent to the Kurnool-Nandyal road has been sold in the last few days. “Purchasers have reached agreements with owners of the land by making token payment. The land registration will be done after a month or so,” says S Abdul Razak, a realtor.
According to realtors, the land prices in the suburban areas of Kurnool city have almost doubled now, compared to the last month rates.
The prices of lands and flats have started skyrocketing in B Thandrapadu, Nannur, Sakunala, Gani, Thippayapalli, Guttapadu, Pasupula, Rudravaram, Hussainapuram, Kalvabugga, Orvakal and other villages adjacent to the Kurnool - Nandyal road. Nandyal is also witnessing a realty boom.
“Earlier, one acre of land at B Thandrapadu, which is just 3 km away from Kurnool city, was sold at Rs 1.5 crore. Now, the price has touched Rs 4 crore,” says Malleni Srikanth, a real estate dealer.
Anticipating further hike in the prices, some owners are not willing to sell their lands. Investors from Hyderabad, Guntur, Prakasam, Nellore, Vijayawada, Tirupati and Bangalore have started making enquiries about the land prices to make investments in the realty sector.