Torn between Vizag and Amaravati, realtors eagerly await election results in Andhra Pradesh

Realtors and investors in Andhra Pradesh anticipate election results to impact real estate markets significantly.

Realtors and property investors in Andhra Pradesh eagerly await the election results scheduled to be announced on June 4.

Be it near Visakhapatnam or Amaravati, realtors await the election results, based on which they can make final decisions on their business activities, say experts. They add that the demand for residential, commercial, retail, and office space markets will increase significantly once the new government starts functioning.

Experts also predict that real estate in Visakhapatnam is likely to boom. They say that if Visakhapatnam is officially made the Executive Capital of Andhra Pradesh, real estate will be the first sector to cash in on it.

Meanwhile, political party leaders have been making pre-election announcements. While the YSRCP leaders say that their party president, Y.S. Jagan Mohan Reddy, will focus on Visakhapatnam if the YSRCP wins this election, the TDP-JSP-BJP alliance leaders say Amaravati will be developed as the State capital if the alliance led by TDP president N. Chandrababu Naidu comes to power.

Vice-president of the Confederation of Real Estate Developers’ Associations of India (CREDAI) A. Ashok Kumar said, “Yes, we are waiting for the election results. We have hopes for the development of Visakhapatnam after this election. Both Mr. Jagan and Mr. Chandrababu Naidu have their own strategies to develop the City of Destiny. We expect positive growth in the city after the election results. Along with IT, the city is expected to be developed in Defence, seafood exports, food processing industries, tourism, hospitality and medical tourism.”

Property investors too are seen waiting for the election results to invest in properties.

A software engineer in Hyderabad, P. Madan, said: “I am prepared to raise money through a bank loan to invest in house plots. But I haven’t finalised the place yet. I am interested in investing in Visakhapatnam as it has potential future opportunities. There is no doubt that if Y.S. Jagan is the Chief Minister again, the city will compete with other metropolitan cities.”