Real estate prices set to soar in Amaravati with fillip from new govt in Andhra Pradesh
real estate prices in Andhra Pradesh's Amaravati region are set to soar with several land dealings expected to close as the regime in the state transitioned from YS Jagan Mohan Reddy-led YSRCP to N Chandrababu Naidu-helmed NDA, breathed new life into the hitherto abandoned city project. The Andhra Pradesh Capital Region Development Authority has already notified eight tenders, calling for jungle clearance along several roads in Amaravati even as Chief Secretary Neerabh Kumar Prasad, accompanied by other key officials such as CRDA Commissioner Vivek Yadav, has already visited the region to take stock of the situation.
YV Ramana Rao, president, Andhra Pradesh chapter, Confederation of Real Estate Developers Association of India (CREDAI) claimed that land prices in Amaravati started inflating two months before the 2024 simultaneous Lok Sabha and Assembly polls, anticipating Naidu's win.
According to the CREDAI office-bearer, up to 50,000 acres of land inventory is available in and around Amaravati, including government and private lands.
From trending around Rs 15,000 per sq yard, Rao said they are commanding a price of Rs 25,000 per sq yard now, pointing out that they have touched the prices last seen during the erstwhile TDP government between 2014 and 2019.
«Real estate boom has already started. It (land prices) will keep increasing on a yearly basis and we are expecting that in 18 months the prices will double,» Rao told PTI.
He noted that the state government has already started working on some unfinished
