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Smart city tag-a windfall for realtors
Thanks to the tag of ‘smart city’, real-estate prices have skyrocketed in Kakinada and the surrounding areas and a concomitant affect has been the merger of five of the 19 surrounding villages with the Kakinada Municipal Corporation.
Kakinada: Thanks to the tag of ‘smart city’, real-estate prices have skyrocketed in Kakinada and the surrounding areas and a concomitant affect has been the merger of five of the 19 surrounding villages with the Kakinada Municipal Corporation.
Interestingly, some of the villages were said to have been merged with the Corporation only because of vested interests. The common man has been hit hard by a steep spike in rentals across the city and in the suburbs.
A 1,000 sq ft 2 BHK flat which was available for Rs 30 lakh is now being quoted at Rs 38-40 lakh within a span of few months after the smart city status to Kakinada, said K Subramaniam, a private employee.
Palivela Veerababu, CPM Kakinada city unit president and former sarpanch of Indrapalem village in Kakinada rural said that because of the real-estate interests of some ruling party leaders, Medaline was merged with the Corporation.
East Godavari Kapu Welfare Association leader and former Kakinada Rural MPP and realtor Vasireddy Yesudas said the smart city tag to Kakinada created a real-estate boom in Kakinada and surrounding areas.
The price of a square yard has gone up to Rs 18, 000 -20,000from the earlier Rs 10, 000-Rs 12,000 in the surrounding villages of Ramanayyapeta, Valasapakala Timmapuram and surrounding villages, he said.
Duvvuri Subramanyam, convener of Kakinada Citizens’ Initiative, an organisation which caters to the needs of taxpayers observed that the real estate boom in the last one year escalated the cost for vacant land from Rs 50,000 per square yard in prime areas to Rs 1 lakh per square yard. This price is even more in commercial areas like Kakinada main road (Netaji Street).
Despite all this, the city does not have an underground drainage system or a dumping yard. At present, the port lands are being used as places for dumping in addition to vacant areas in the middle of housing colonies.
Amenities are not on a par with the hike in land prices, said the Kakinada Citizens’ Initiative. Sources in the registration department expect a massive spurt in registrations after Ganesh Chaturthi.
