Wait and watch approach dominates Nellore realty sector
The creation of new state of Andhra Pradesh and the subsequent selection of Vijayawada as the new capital have sent the realty sector into a wait and watch mode
Apr 02, 2015
Source : The Hindu

 

Nellore: The creation of new state of Andhra Pradesh and the subsequent selection of Vijayawada as the new capital have sent the realty sector into a wait and watch mode for the past few months amid rising expectations over the proposed capital.

 

The huge potential for industrial progress in addition to the existing rapid strides already made has become an added advantage for Nellore district, which is located in a strategic place nearer to Chennai and also to Bangalore and Vijayawada.

 

“Sometime ago, there was a demand for making it a capital. Flats have become costlier after the division,” said L.S. Krishna Rao, a retired railway employee and a resident of the newly developing Bhaktavachchala Nagar area in the city.

 

The demand for residential flats and house sites in Nellore has recorded a slight improvement in the months after the formal division of the State. But after the announcement of Thullur area near Vijayawada as the new capital region, there has been a lull in the realty activity. Industry watchers say this is because of the general keenness to study the developing situation before making any investments in the sector.

 

The developmental initiatives being announced by the government and also the announcement on the development of automobile hub in addition to the existing Krishnapatnam Port have come as a breather for the district. The Nellore Municipal Corporation has also proposed to take up large-scale developmental activities with funds to the tune of Rs. 1,000 crore expected from the Central government to develop underground drains, roads and such infrastructure.

 

“Yes, we are planning big things for the city. All the necessary facilities will be created to meet the requirements of prospective international workers who would like to come and stay here on job purpose,” said Sk. Abdul Aziz, Mayor of Nellore city. The area abutting the National Highway 5 from Kavali to Tada in Nellore district has been identified as the most prospective for development in terms of both industry and realty sectors. The expectations with regard to the Krishnapatnam smart city have also remained high with the industry managements expecting some progress in this regard in the coming months.

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