Properties prices in Vijaywada soar up, Hyderabad gets a lukewarm response in contrast
Andhra Pradesh (A.P) Chief Minister N Chandrababu Naidu declared the new state capital in an area the vicinity of the Nagarujuna University campus along the six lane Vijaywada-Guntur Expressway. The property market did not take time to smell the future prospects and the property prices in this area have skyrocketed.
In the last one month the property prices have zoomed over 20% in Vijaywada as it is anticipated to become the capital of A.P after the formation of a separate state of Telangana. Both Telangana and Samaikyandhra agitators are still fighting over the status of Hyderabad and want the city to be included in their borders. Since most of the Pharmaceutical and IT companies are located in the former state capital, the revenue earning will increase for the state to which Hyderabad will be allocated.
Prices of the apartments and plots are spiking northward in Vijayawada. In Ramavarapadu and Gannavaram areas of Vijaywada, the prices are at all time high because the L&T IT Park construction is going on there.
C. Sekhar Reddy, president, Andhra Pradesh Builders Forum, said real estate transactions in Hyderabad have come down recently. Since the future of the former capital is still uncertain, the market does not want to park their investments there. Reddy stated on an average as many as 15,000 apartments were sold in Hyderabad from 2004 to 2007. The figure has come down to 10,000 in 2008.
Source- Business Standard
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