Stability setting in realty sector
Land prices rise following the naming of capital
Mar 26, 2015
Source : The Hindu

 

Hyderabad: With the State government making up its mind to name the new capital city as Amaravati, a sense of stability is creeping in giving a positive effect to the real estate sector. After a brief lull, registration offices at Tadikonda, Mangalagiri and Guntur have been registering more registrations than the normal. On an average, 70-100 registrations were being done in the district, said an official of Registration department.

 

In the last few months, a sense of uncertainty has crept in the market in the run up to the land pooling. But with the government pooling in over 32,000 acres without much resistance and land owners being given annuity, registration offices have become abuzz with activity again.

 

“We are happy that there is a definite momentum in the government’s efforts to build the capital city. We are also anticipating that the realty would pick up after the foundation stone for the new capital is laid in the first week of June,’’ said Confederation of Real Estate Developers’ Associations of India State general secretary Alla Siva Reddy.

 

Prices of land in and around Thullur which had recorded a steep fall in January and February have risen to Rs.1 crore an acre. The number of enquiries in the neighbouring villages has also gone up.

 

Even at Amaravati located on the banks of River Krishna, land prices have witnessed a steep increase. “People are now willing to buy lands in cents and soon we may see a situation where land would be sold in square yards,’’ said a realtor.

 

But on the other side, land owners in the river front villages rue that prices of their land has gone down. The fertile lands where crops have been grown throughout a year have always commanded higher prices.

 

“The value of our lands has dipped and the decision of government to pool our lands means that our lands are valued equally with dry lands. People are selling their lands far below than their value,’’ said Subba Reddy, farmer from Penumaka.

 

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