Current land prices in Amaravati
(This article is first in series of articles published in collaboration with avenue.in Avenue is a premier digital realtors based out of Amaravati, providing end to end property solutions)
Post bifurcation of Andhra Pradesh, the land rates in and around Vijayawada have skyrocketed as the state capital, Amaravati is coming up there. The lavish plans by the ruling party to construct an ideal capital for the state has resulted in a booming real estate in the surrounding areas. Let’s us now see how the value of lands swelled in some of the areas attached to Vijayawada.
- After it was announced that the temporary secretariat will be set up in Velagapudi, the lands rates in the adjoining places shot up. The prices in Malkapuram, a place which is near to Velagapudi, inflated and the demand for lands in this region is very high. The availability of lands is restricted as most of the landholders are not ready to sell them at this point of time.
- The prices of Jaarebu lands increased by leaps and bounds after the state government released designs and plans for capital construction. Jaarebu lands in Uddanadarayuni Palem and Lingarayapalem are quoted for exorbitant prices by the owners. For example, a farmer recently sold 1.5 acres of his land for a whopping 3.6 Crores. A survey reveals that only 1-2 acres are available for sale in this region. Most of the farmers are confident that the Jareebu lands will have good value as the proposed axis road goes through this lands and the ample availability of water is a big advantage for them.
- Many farmers in these regions have cleared their debts by selling a part of their land. There are hardly in need of money now and most of them are finding it difficult to manage cash. Some have sold their lands here and bought acres of lands in other areas like Nellore and West Krishna where the prices are very less.
- The government has announced an additional compensation for Metta lands and this has resulted in hike in their price by 10-20 lakhs. Recently, the government released the plots allotment policy and has fixed May 10th as the deadline and directed owners to give their preferences for plot sizes. So, the buyers are in a hurry to complete the registration and mutation process. The sellers are taking advantage of this situation and are quoting higher prices from the last one week. Once the plots are released, all lands will have hike of 30 percent except for those in Vundavalli and Penumaka.
The local brokers are cashing in on the lack of correct information about the market prices. They are encouraging non locals to buy lands at a higher price. People from Bangalore and other areas, who have no clear idea about the price, have been made to buy lands for a higher price that is higher than the market price. Caution and thorough research is advised before investing big bucks. Even though prices have sky rocketed, there are pockets of opportunities.
Next article : More details about plot allotment policy of AP Government.
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