KARIMNAGAR: With the government signalling its intent to go ahead with the Vemulawada temple development, land prices in the temple town have witnessed a sharp spike in recent days, especially in areas like Jagtial road, Korutla road and Nampalli hillock.
Significantly, land on the outskirts of the temple town has crossed Rs 1 crore per acre. Expecting speedy development, realtors are offering up to twice the prevailing rates for land. Earlier in the week, architect Anand Sai visited Vemulawada and discussed the plans for the renovation of the temple and his visit has spurred demand for land, pushing up prices in the open market.
A few months back, Municipal Administration Minister KT Rama Rao had announced that Sircilla and Vemulawada towns, about 12 km from each other, will be developed as twin towns. Additionally, plans to construct a Railway station Nampalli hillock area as part of the Kothapalli - Manoharabad Railway project has spurred demand for real estate. Nampalli hillock is about three km from the temple town.
Realtors are encouraging people to purchase lands saying that the prices would spiral beyond reach in the coming days, once Vemulawada temple and town development works start. The government has already acquired about one acre of land for the development of the Baddi Pochamma temple and paid Rs 30,000 per sq yd as compensation.
The government also gave compensation for the 35 acres of land acquired to build a new temple tank after filling the old tank with gravel. This new tank is adjacent to the Sri Raja Rajeshwara Swamy temple in Vemulawada. According to landowners, they were given compensation at the rate of Rs 90 lakh per acre.