Land Prices in V’wada, Guntur Double in One Week Amidst reports that the chief minister’s camp office will be located on the premises of Acharya Nagarjuna University between Vijayawada and Guntur, and that there is a possibility of a place for capital city for the residuary Andhra Pradesh being chosen near Vijayawada, the land prices have shot up in and around Vijayawada and Guntur cities in the last week. AP chief minister-designate Chandrababu Naidu’s reported step to set up the camp office at ANU has given so much impetus to the real estate sector that just in the last one week itself prices have doubled up. While the prices are skyrocketing, strangely transactions are not taking place as developers and builders are trying to stop sales expecting further rise in the prices. As it is expected that the Vijayawada-Guntur belt will witness growth due to its central location besides being a front runner for setting up capital city, land prices have been skyrocketing steadily over the past one year. Considering the area’s potential, the government set up VGTM Urban Development Authority for a planned development of Vijayawada, Guntur, Mangalagiri and Tenali. With Chandrababu Naidu announcing his intention to shift base to Seemandhra as soon as possible, speculation is rife that even Eluru and Nuzvid will be included in the UDA limits. Though an official announcement about the location of the chief minister’s camp office has not been made yet, remodelling and sprucing up work is going on at a fast pace at ANU, APSP Battalion at Mangalagiri and other government buildings and guest houses in Vijayawada and Guntur. With this sudden spurt of activity, real estate developers and builders are having a field day. “The demand has increased hugely after the election results. Earlier, builders were after customers, now customers are after builders. As Guntur is projected as administrative capital, the demand for land has hugely increased in the past one week itself. While enquiries from employees stationed at Hyderabad, who will be shifting to Seemandhra, are yet to begin, builders are getting huge number of queries from NRIs and Seemandhras working in places like Bangalore, Chennai, among others as they feel that the region is sure to develop and are mulling to shift here,” explains Alla Siva Reddy, president of the Guntur chapter of Confederation of Real Estate Developers’ Associations of India (Credai).
Posted on: Sat, 31 May 2014 08:22:44 +0000
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