Home newsAndhra Pradesh After Naidu Becomes CM, Real Estate Booms in Andhra Pradesh

After Naidu Becomes CM, Real Estate Booms in Andhra Pradesh

by Rajesh
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Real estate boom in Amaravati following Naidu's CM appointment

After a period of dormancy lasting five years, real estate prices in the Amaravati region of Andhra Pradesh are poised to surge following significant land transactions anticipated with the change in state leadership from YS Jaganmohan Reddy’s YSRCP to N Chandrababu Naidu’s NDA, reinvigorating the long-abandoned city project.

The Andhra Pradesh Capital Region Development Authority has recently issued notices for eight tenders aimed at clearing vegetation along various roads in Amaravati. Chief Secretary Neerabh Kumar Prasad, accompanied by CRDA Commissioner Vivek Yadav and other officials, has already conducted an assessment visit to the area.

YV Ramana Rao, president of CREDAI’s Andhra Pradesh chapter, has noted a sharp rise in land prices in Amaravati starting approximately two months before the 2024 simultaneous Lok Sabha and Assembly elections, foreseeing Naidu’s potential victory.

According to Rao, there is currently an inventory of up to 50,000 acres of land available in and around Amaravati, comprising both government and private holdings. Prices have surged from around Rs 15,000 per square yard to Rs 25,000 per square yard, reminiscent of the rates observed during the previous TDP government’s tenure from 2014 to 2019.

Rao predicts a continuing real estate boom, projecting a potential doubling of prices within 18 months. He acknowledges the state government’s efforts in revitalizing partially completed buildings such as residential quarters for officials, legislators, and judges.

Highlighting ongoing efforts like vegetation clearance, illumination, and infrastructure repairs in Amaravati, Rao emphasizes the crucial role of government-provided infrastructure—such as roads, drainage systems, and power supply—in sustaining and accelerating this growth.

P. Durga Prasad, a local real estate businessman from Undavalli village, Guntur district, expresses optimism about the resurgence of the real estate sector in Amaravati, anticipating prices to triple by January 2025, positioning the city competitively against Bengaluru and Hyderabad.

Encouraged by the new government’s initiatives, many villagers who had previously pooled their lands for the capital city project are hopeful for better prospects ahead. Some have even ended longstanding protests demanding Amaravati’s recognition as the sole capital, buoyed by renewed assurances from the new administration.

Jonnalagadda Ananda Rao from Mandadam village, who contributed land for the capital, notes the mixed sentiments among villagers, with some easing their protests while others remain steadfast.

Sai Prasad from Thulluru village reflects on the collective efforts of villagers across the region, who have independently initiated tasks like vegetation clearance using limited resources, driven by a sense of optimism following years of hardship.

In conclusion, the evolving landscape in Amaravati signifies a promising revival for the real estate sector and renewed hope among locals, supported by proactive government measures and community initiatives.

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