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Land prices cheap in Amaravati
The Capital Regional Development Authority (CRDA) initiated plans to boost the Amaravati capital city location by fixing land prices in the capital area at Rs 3.5 crore per acre as minimum and Rs 12.5 crore per acre as maximum. Significantly, the lands are available in the open market at Rs 2.5 crore per acre.
Vijayawada: The Capital Regional Development Authority (CRDA) initiated plans to boost the Amaravati capital city location by fixing land prices in the capital area at Rs 3.5 crore per acre as minimum and Rs 12.5 crore per acre as maximum. Significantly, the lands are available in the open market at Rs 2.5 crore per acre.
Interestingly, the land prices are so high in Vijayawada, Guntur and its surrounding villages compared to those prevailing in the Amaravati capital location. Even the government has recently lifted the ban on permissions for layouts and construction activity in CRDA limits to boost the Amaravati capital location for attracting investors but still the market is dull.
Already, the land prices in Kankipadu, Penamaluru, Poranki, Kanuru, Yanamalakuduru, Nunna, Gannavaram in Krishna district and Tadepalli, Kunchanappli, Praturu, Gundimeda, Atmakuru, Mangalagiri, Nagarjuna University in Guntur district are several times high as per the government’s fixed price of Amaravati capital location villages.
The lands in these villages have huge demand in open market and rates skyrocketed up to Rs 20 crore per acre based on location. Similarly, the land prices touched upto Rs 2 lakh per square yard in various prime locations in Vijayawada and Guntur. This trend may continue in the city surroundings as the government proposed to construct new malls, 25-storied residential towers and commercial complexes at important locations.
Earlier, the land prices were subdued in Vijayawada city and its surrounding areas since the announcement of demonetisation. The State government also halted the realty and construction boom in the entire CRDA limits by imposing ban but land prices in Amaravati capital location could not reach on par with Vijayawada and Guntur cities.
Raghava Estates and Properties managing director Lingam Tulasi Prasad said the ongoing developments in Vijayawada, Amaravati and Guntur are encouraging the area of expansion. But the land prices in Amaravati are depend on implementation of capital city construction works.
The land values of Amaravati may overtake the Vijayawada and Guntur cities in future even now the prices are low, he added. Erstwhile VGTM VUDA former chairman and senior TD leader Tumati Premnath said Vijayawada, Guntur and Amaravati capital city would be merged and added that the prices might be fixed on the lines of Banajara Hills, Jubilee Hills, Ameerpeta and Dilsukhnagar areas in Hyderabad.
