TIRUPATI: Even before a final decision was taken to carve out a separate district with Tirupati as its headquarters, the prices of plots as well as flats on the outskirts of temple town have witnessed a 20 to 25 per cent increase leading to revival of realty business, which was hit by the Covid-19 pandemic.
The number of registrations saw a spurt in the last six months in Tirupati Balaji registration district, compared to other registration districts in Chittoor region, indicating the demand for plots and flats in the temple town.
Around 300 registrations are being done in Tirupati Balaji district a day on an average and the State exchequer is getting a revenue of Rs13 crore per month on an average as stamp duty. The State government proposed to carve out new districts by taking a Lok Sabha constituency as the basis. Tirupati is likely to be one among the new districts as it is a LS constituency.
Majority of the people are evincing interest in purchasing plots rather than flats. In the wake of Covid-19 crisis, there is a steep rise in the realty prices, and purchasing plots or flats are beyond the reach of middle class families. Realtors who purchased and blocked major ventures close to Tirupati, have started increasing the prices.
“Realtors are increasing the prices of plots by forming themselves into syndicates. We are looking for a plot. But, the land prices are unimaginable close to Tirupati,” said V Yugandhar of Tiruchanoor.