As soon as Andhra Pradesh chief minister N Chandrababu Naidu announced the new capital boundary on Saturday, realtors got busy scouting for land in the neighbouring villages.
Although real estate activity had picked up ever since Naidu decided to locate the capital in the Vijayawada-Guntur region, on Saturday, many realtors flocked villages in Tadikonda, Mangalagiri, Pedakakani and Guntur rural mandals. The capital city will come up between Prakasam barrage (north east), Borupalem (north west), Ananthavaram (south west) and Y-Junction near Mangalagiri (south east). These boundaries cover nearly 34 villages including municipal towns of Mangalagiri and Tadepalle. As the draft capital city does not extend beyond 10 km south of Prakasam barrage, realtors see a huge growth potential just outside the capital limits.
Local realtors said they are flooded with calls from Hyderabad and Vizag-based realty firms. "I received several calls soon after Naidu announced the boundary of the state capital. Investors are willing to buy an acre of land for as much as Rs 1.5 crore in interior villages too," said K Sambasiva Rao of Koppuravuru village. Realtors have been picking up land at Rs 80 lakh per acre with the hope that they will get at least Rs 2 crore even if they get Rs 20,000 per sq yard of developed land.
Although real estate activity had picked up ever since Naidu decided to locate the capital in the Vijayawada-Guntur region, on Saturday, many realtors flocked villages in Tadikonda, Mangalagiri, Pedakakani and Guntur rural mandals. The capital city will come up between Prakasam barrage (north east), Borupalem (north west), Ananthavaram (south west) and Y-Junction near Mangalagiri (south east). These boundaries cover nearly 34 villages including municipal towns of Mangalagiri and Tadepalle. As the draft capital city does not extend beyond 10 km south of Prakasam barrage, realtors see a huge growth potential just outside the capital limits.
Local realtors said they are flooded with calls from Hyderabad and Vizag-based realty firms. "I received several calls soon after Naidu announced the boundary of the state capital. Investors are willing to buy an acre of land for as much as Rs 1.5 crore in interior villages too," said K Sambasiva Rao of Koppuravuru village. Realtors have been picking up land at Rs 80 lakh per acre with the hope that they will get at least Rs 2 crore even if they get Rs 20,000 per sq yard of developed land.
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