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Steel plant talk fuels land prices in Jammalamadugu
After Chief Minister YS Jagan Mohan Reddy’s announcement that steel plant would be set up in the district, land prices have witnessed a surge in Jammalamadugu mandal.
Kadapa: After Chief Minister YS Jagan Mohan Reddy's announcement that steel plant would be set up in the district, land prices have witnessed a surge in Jammalamadugu mandal.
According to sources, price of irrigated land per acre which was Rs 7 to Rs 10 lakh before Chief Minister's announcement in July, has now increased to Rs 50 lakh, while prices of dryland rose from Rs 5 lakh earlier to 25 lakh.
During his maiden visit to Jammalamadugu after taking over as Chief Minister on July 8 on the occasion of Farmers' Day, Jagan Mohan Reddy announced that he would lay foundation stone for the steel plant on January 26, 2020 and see it started production with in three years of laying foundation. He also declared Rs 250 crores as initial investment for the project.
Though there was no clarity on the where the plant would be coming up, the prices of land are skyrocketing in these five months. In Jammalamadugu town, land prices jumped five times in these five months. According to sources, one cent (48 yards) of land is now costing Rs 7 lakh on the outskirts of the town while it is around Rs 20 lakh in the heart of the town like old bus stand, Tadiparthy road and Mudurnur road.
"With just two months to go before scheduled foundation stone laying by the Chief Minister for steel plant, speculation is going on the location of the plant and land prices are zooming everywhere making it impossible for common people to buy even a cent of land to build a house.
The prices are increasing abnormally mainly at Mudhanuru road where Bramhani Steels of Gali Janardhan Reddy was located," said Damsa Madhukumar of Lakshmamma Chenu area in the town told The Hans India.
A steel plant was promised in Kadapa district for providing direct and indirect employment to around 1.25 lakh people during the bifurcation of the state. It was aimed to produce 3 lakh tonne steel a year by spending Rs 10,000 crores in four phases.
Previous government allotted 2,000 acre in Mylavaram mandal in Jammalamadugu constituency where facilities like water, electricity, rail and road connectivity and also iron ore are available.
However, that project remained a non-starter owing to political differences between TDP and BJP.
Later, former chief minister N Chandrababu Naidu laid foundation stone for Rayalaseema Steel Corporation steel plant at Kambaladinne village under Mylavaram mandal just before elections in May this year. After YSRCP came to power in the polls, hopes of steel plant rekindled, leading to abnormal rise in land prices.
