Capital-in-waiting? Election results ignite real estate frenzy in Amaravati, prices soar 50%-100% in 3 days
election results are out the real estate prices zoomed in this Andhra city anywhere between 50% and 100% increase, reported The Times of India.
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The massive victory of the TDP, Jana Sena, and BJP alliance has cleared the uncertainties over the capital, renewing the buyers' interest.
However, minimal transactions are taking place as there are hardly any sellers in the capital region now. Everyone is expecting a statement from Prime Minister Narendra Modi in favor of Amaravati during N Chandrababu Naidu's swearing-in ceremony as CM to be held on June 12 near the All India Institute of Medical Sciences (AIIMS) in the capital region.
Farmers expect further increase in land price if PM makes a positive statement. Land prices came down anywhere between 60% and 75% after outgoing chief minister Y S Jagan Mohan Reddy announced his plans of three capitals in 2019. All euphoria created around the proposed futuristic capital city vanished. After five years, with govt change, the realty sector in Amaravati is witnessing a 'V' shaped recovery in terms of prices.
Ginjupalli Subbarao, a farmer from Amaravati, told ToI that he is getting many calls from prospective buyers. 'There were no takers till six months ago but the sentiment has slowly started to change with people sensing change,' he said. 'With the election results in favor of
