VIJAYAWADA: The return of TDP supremo N Chandrababu Naidu has instilled fresh hope in the realty sector. First signs have been observed in the estranged capital city of Amaravati, Vijayawada and Guntur as land rates have surged by at least 40-50%. Additionally, the allied sectors such as construction are hopeful of doing good business in the next five years.
There is speculation that land rates in all the 29 capital villages, Mangalagiri, Tadepalli, Guntur and Vijayawada cities are expected to double in the coming days.
Chief Secretary Neerab Kumar Prasad, APCRDA commissioner Vivek Yadav and other officials’ unexpected visit to Amaravati have also given a renewed hope to the stakeholders. In the first three months, CRDA is expected to complete pending works pertaining to seed access roads, MLA quarters, AIS officers’ quarters, secretariat towers, the high court building, housing projects for judges, a water treatment plant, and other necessary infrastructure.
Realtors in the capital region are expressing their happiness over the capital construction and opined that the sharp rise in land rates reflects the interest of investors in Amaravati and confidence in Naidu.
The real estate business in two districts suffered under the YSRC regime. Prices of lands declined to a maximum of 70% soon after former chief minister YS Jagan Mohan Reddy announced the three-capital proposal.
Meanwhile, a few sellers have postponed their plans to sell their land, but some others are waiting to see if there is any further upward movement in the price in case Prime Minister Narendra Modi makes a positive statement during Naidu’s swearing-in ceremony on Wednesday.
A builder in Tadepalli, who had built a gated community and incurred huge losses with Jagan’s announcement of three capitals, hiked the price per sq.ft to Rs 5,000 from Rs 4,000 per following the election results. “We are confident that Naidu will kick-start his dream project of building the world class capital ‘Amaravati’. The land rates in all the 29 villages under the capital Amaravati witnessed a sudden surge. We are planning other projects in Tadepalli and Kunchanapalli villages,” he said.
