Things looking up for real estate sector in and around Vijayawada, say experts
The Hindu
The Telugu Desam Party (TDP) winning the 2024 Assembly elections and the focus being shifted to Amaravati has given a ray of hope to real estate agents, who are expecting an increased construction business in the Vijayawada-Guntur region and also rotation of money in the market
The Telugu Desam Party (TDP) winning the 2024 Assembly elections and the focus being shifted to Amaravati has given a ray of hope to real estate agents, who are expecting an increased construction business in the Vijayawada-Guntur region and also rotation of money in the market.
In the last five years, construction activity had come to a naught in and around Vijayawada and also other parts of the State because of the confusion surrounding the capital and also the sand policy introduced by the outgoing YSRCP government, said builders and experts in the real estate sector.
“Things are looking up for us. We are expecting the real estate activity in the Vijayawada-Guntur-Amaravati region to pick up pace after a lull. Rise in land and rental prices can be expected, but it will not happen overnight. Apart from this region, Visakhapatnam is also going to see some activity as it is one of the growth centres. The entirel State will benefit from it since there is going to be a spiral effect,” said Sandeep Mandava, Central Zone president of the National Real Estate Development Council (NAREDCO) and CEO of Malaxmi Infra Ventures Pvt. Ltd.
It all depends on how fast developmental plans are taken up in Amaravati, said Maturi Ranganath, a member of the Confederation of Real Estate Developers’ Associations of India (CREDAI). “We will wait for the new government to settle down and have a look at their policies. There will be permissions to be got, new water and power connection lines to be laid in Amaravati. It is a long process. It will be then that there will be a demand for permanent residences between Vijayawada and Mangalagiri,” said Mr. Ranganath, also CMD of Amma Constructions.
While people in Vijayawada may anticipate ballooning of rental and land prices, some experts said the city would not be much affected by the works being taken up in the capital region.
While according to some agents it may see a slight rise in rental and land prices, some others felt the rates would actually be reasonable since the activity would be around Tadepalli, Mangalagiri and Amaravati regions.
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