Amaravati: A hope of brighter days ahead!

The Centre’s clarification regarding Andhra Pradesh’s capital in the Parliament has cheered the realtors in the capital region. Though Chief Minister Y.S. Jagan Mohan Reddy has been announcing that he would shift his base to Vizag, the Centre made it clear that Amaravati would remain AP’s capital, as per the AP Reorganisation Act. The clarification has given a new lease of life to the realty in and around the capital region, near Vijayawada.

Realtors are hopeful that their business would improve as the Supreme Court would also deliver its verdict on Amaravati soon. After the bifurcation of the state, Amaravati was declared the capital of the state. With the government finalizing that the capital would be located at Velagapudi in between Guntur and Vijayawada, realtors of both the districts, made a quick buck launching several real estate ventures.

Customers booked plots in the real estate ventures, paying huge sums of money as advance. Some realtors entered into agreement with farmers and launched huge real estate ventures.

On either side of the Chennai highway, from Tadepalli to Mangalagiri, construction of apartments and villas was also taken up in a big manner. The realtors who invested hundreds of crores were pushed into crisis soon after Jagan made the three-capital proposal. Till then, apartments and villas had good demand even as they were being constructed. At some places, the builders refrained from selling the flats and villas expecting much higher price after the completion of construction.

However, Jagan’s announcement regarding trifurcation of the capital crashed the real estate sector. Now, the Centre’s declaration that Amaravati would continue to be the capital of Andhra Pradesh has led to hope of brighter days ahead.

A few people invested huge sums of money and bought land in the capital region. With the three-capital formula coming onto the scene, they were a worried lot unable to decide whether to sell off or retain the land.

The realtors and investors are eagerly waiting for better days as either the Centre’s declaration or the Supreme Court verdict or the TDP getting voted to power can bring about a change in the market.