Vijayawada: Land prices in Amaravati capital as well as within the AP Capital Region Development Authority (CRDA) limits have rebounded to the 2019 levels within a week of Telugu Desam-led NDA alliance’s landslide victory in Andhra Pradesh.
“Land prices appreciated five times in the Amaravati capital region between 2015 to 2019. They plummeted 50–70 per cent after the YSRC government proposed three capitals,” CREDAI Vijayawada chapter general secretary Varada Sridhar pointed out.
However, soon after the TD-led government came back to power, a 50 per cent regrowth in land prices has been witnessed in the Amaravati capital region and a 15–20 per cent surge in Vijayawada and neighbouring areas.
Sridhar said the price of one square yard land, which hovered around Rs 15,000–20,000, has shot up to Rs 40,000–50,000 on the main roads in Amaravati capital area.
Modern Homes Real Estate Ventures promoter Abdul Raheem said people had begun to purchase open plots at lower prices even before the election schedule had been announced. Many Andhraites living in Hyderabad and other areas bought lands and plots in Gannavaram and along Bandar Road.
Raheem disclosed that his company sold one square yard of land for as low as Rs 1,500 in Mylavaram, as there had been total uncertainty with regard to the capital city in the last five years. However, the prices have now picked up to Rs 5,000 per square yard in the Modern Homes layouts.
The realtor said: “Just like the government is reworking on some of the structures abandoned in Amaravati for the past five years, we are refurbishing our structures in our layouts.”
Raheem disclosed that big construction companies of Hyderabad are contacting him for huge tracts of land up to 50 acres in areas like Kesarapalli, Mylavaram and Nuzvid areas.
“Once the contours of Amaravati are ready, land prices will skyrocket in the CRDA region, he forecast.
