The decision in favour of state division, put the real estate business in the temple town and surrounding areas in a state of inertness from some time as there has been a decline in the number of enquiries for land deals.
Though it is expected that there are possibilities of a real boom in many of the cities of Seemandhra following the decision of state division, it has not happened so far and those aspiring to get a piece of land in the reputed cities of both the regions are still adopting a wait and see policy until more clarity on the issue.
“Real estate businessmen and the customers still need clarities including a clear-cut message regarding the state division and also about the capital location of Seemandhra”, observed a real estate businessmen in Tirupati.
Recalling that following media reports some years ago that new capital city of the Seemandhra will be developed between Vijayawada and Guntur cities, many of the real estate business holders bought several plots of land in the location in anticipation of good business in the near future. But, as there is no clarity so far regarding the capital, the businessmen, who shifted entire their investments there suffered huge losses. This experience, gave a lesson to all businessmen to take a decision after getting full clarity on the state division issue and also the state capital issue, he explained.
Saying that irrespective of the state division and the capital city status, the real estate business in the temple town will go at its pace. Another realtor said that many of the people opt to have a land in Tirupati as they think of it as the safe zone compared to all other cities of the state. However, in case of the reports goes the fact that capital city will be developed in and around Ongole city, real business in Tirupati and surrounding areas will reach the peak. As the temple town also is in the race of capital city, there is every possibility of the prices of lands, here touching the sky once it was realised. As the city has train and air connectivity to all the major cities in the nation and also being located nearer to metropolitan cities of Chennai and Bangalore, the real estate field will witness good business.
Many of the realtors, opined that the business will get a real boost following the state division. But, as of now, the present uncertainty over the state division issue as well as on the new capital city for Seemandhra, has resulted in the business progressing at snail’s pace as most of the customers, who decided to take lands have gone back following the decision of state division and they are expected to take a final decision only after the Centre finalises both the issues.
As of now, the prices of one acre of land on the outskirts of Tirupati ranging between Rs 10 crore to Rs 12 crore. In Tirupati, one cent of land costs from Rs 25-30 lakh and Rs 10-12 lakh in the outskirts.