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Land Prices Rising In Amaravati On Capital Hopes

Hike in property registration charges from Feb 1; However, villages located in Amaravati capital region will remain unaffected

Land Prices Rising In Amaravati On Capital Hopes

Land Prices Rising In Amaravati On Capital Hopes
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29 Jan 2025 7:10 AM IST

We have started witnessing appreciation in Tadepalli, Undavalli and Mangalagiri areas. The land price cost has gone up from Rs40,000 to Rs60,000 per square yard. We hope this will also lead to further appreciation on projects coming up Bandar Road and nearby areas - D Rambabu, president, Credai-Vijayawada, tells Bizz Buzz

Amaravati: The Andhra Pradesh government’s decision to exempt land value revision for Amaravati area and the launching of works with massive investments for the Greenfield capital city by the coalition government has raised the hope of realty boom in Vijayawada-Guntur region.

Real estate developers and builders, who had given up the hope of earning high appreciations on investments made by them in sites as well as construction of various residential and official complexes in the area during the YSRCP regime due to the decision to develop three capitals, are now pinning high hopes of real estate boom in next few months.

Revenue Minister Anagani Satya Prasad said that the property registration charges will go up from February 1, while making it clear that villages located in Amaravati capital region will remain unaffected. He said at present, the registration value of land in Visakhapatnam, Vijayawada and Tirupati is much higher than the market price.

Municipal Administration and Urban Development Minister P Narayana has been saying that the capital construction in the first phase will be completed in the next three years. At the public meeting addressed by Prime Minister Narendra Modi in Visakhapatnam recently, Chief Minister N Chandrababu Naidu said with sanction of Rs15,000 crore by the World Bank and Rs11,000-crore loan by HUDCO, the capital reconstruction works have gained pace. During his visit to Davos to attend the annual meeting of World Economic Forum, the focus to attract investments was mainly on Amaravati and Visakhapatnam.

“We have started witnessing appreciation in Tadepalli, Undavalli and Mangalagiri areas. The land price has gone up from Rs40,000 to Rs60,000 per square yard. We hope this will also lead to appreciation on projects coming up Bandar Road and nearby areas,” Credai Vijayawada president D Rambabu told Bizz Buzz.

Capital Region Development Authority (CRDA) at its 43rd meeting chaired by the Chief Minister gave its approval for various infra works worth Rs24,276 crore for the capital. The amount will be spent on trunk roads, layouts and iconic buildings. Narayana said in the past four meetings of CRDA, they had cleared proposals worth Rs45,249 crore. The government has decided to complete construction of the new Assembly building in 103 acres stretching over 11.2 lakh square ft. and a height of 250 metres. Public will be allowed to have a bird’s eye view of the capital city when the House is not in session. The High Court building will itself have a land parcel of 42 acres with the eight storied building up to a height of 55 meters. It is estimated that the High Court building construction will cost Rs1,048 crore. The General Administration Department, which will comprise the Chief Minister’s Office (CMO), will have 47 floors with a built-up area of 17 lakh square ft.

According to Narayana, five towers will come up at a cost of nearly Rs5,000 crore in an area of 69 lakh sft. Tenders for four main roads stretching over 580 km are also being finalised at a cost of Rs7,994 crore.

By allotting 300 acres for development of a drone hub, the government is planning to transform it into the drone capital of India. The Riverfront area is being planned for promotion of tourism. Developed plots are being allotted liberally for establishing educational campuses and star hotels by the coalition government.

The farmers of Amaravati area had surrendered 35,000 acres during the earlier stint of Naidu for development of a Greenfield capital on the promise that they will be given 1,000 square yards of developed plot of their choice for every acre given by them. The farmers spearheaded an agitation and filed several cases challenging trifurcation of the capital during the YSRCP regime.

Amaravati Realty Boom Capital Development Land Value Revision Andhra Pradesh Greenfield Capital Infrastructure Projects CRDA Approvals Real Estate Appreciation Amaravati Drone Hub Tourism Promotion 
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