NELLORE: The real estate business has been witnessing a boom in Nellore and Chittoor districts for the last three months. Prices of plots and open lands have skyrocketed as people are now evincing interest in purchasing plots instead of flats. Around 11,000 land registrations have taken place from April 1 to June 30. The price of land on Nellore-Muthukur road has increased to Rs 3.5 crore per acre from Rs 2 crore as there is a great demand for real estate ventures in the surrounding areas of Nellore city. At Dhanalakshmipuram main road, the price of one ankanam (72 sq ft) of land has gone up to Rs 3 lakh from Rs 2 lakh. On Nellore-Allipuram road, one ankanam of land is priced at Rs 2.50 lakh. Similarly, the prices of open plots have skyrocketed in the urban areas across the district such as Sullurpeta, Kavali, Gudur and Atmakur.
In Chittoor district, realtors have developed ventures at Renigunta, Vadamalapeta, Rayalacheruvu, Thondavada, Padipeta, Tiruchanoor, Yerpedu and Srikalahasthi. With the increase in land prices, several buyers have put the plots purchased by them at Damineedu, Padmavathipuram, Renigunta, Airport, Gajulamandyam and other places in the vicinity of Tirupati for sale.
The price of one ankanam of land has increased from Rs 50,000 to Rs 1 lakh at Renigunta. The government’s plan to make all the Lok Sabha constituencies in the state separate districts has given an impetus to real estate business in Tirupati, which had witnessed a lean period due to the Covid-19 pandemic.
Realtors from Chennai and Bengaluru have started developing new ventures within the 25 km radius of the temple town. “The price of a plot (30 anakams) has increased from Rs 2.75 lakh to Rs 3.5 lakh on Venkatagiri-Tirupati road,” said N Suresh Babu, a realtor of Tirupati.
In Kurnool district, development projects like Orvakal airport and the judicial capital plan of the State government have pushed up the land prices. Citing development of industrial corridor, six-line road via Kurnool city and other projects, realtors have hiked the prices of land abnormally.
Agricultural lands located adjacent to the main roads in the vicinity of Kurnool city are priced at more than Rs 4 crore per acre now. The price of land in Nandyal has gone up to Rs 5 lakh from Rs 3 lakh for a cent (435.6 sq ft) in recent times. However, the realty business in Anantapur and Kadapa is not so encouraging. With Chief Minister YS Jagan Mohan Reddy’s announcement of a plethora of development activities in Pulivendula, the price of land has increased from Rs 10 lakh to Rs 50 lakh per acre. But the real estate business in other parts of Kadapa and neighbouring Anantapur is not encouraging as buyers and sellers are adopting a wait and watch policy due to the pandemic.