Amaravati, located in Andhra Pradesh, is experiencing a significant surge in real estate prices after a period of stagnation lasting five years. This surge is attributed to the transition of power from YS Jagan Mohan Reddy's YSRCP to N Chandrababu Naidu's NDA, which has revitalized the previously abandoned city project. As a result, numerous land transactions are expected to be finalized, further driving up property values in the region.
The Andhra Pradesh Capital Region Development Authority has issued eight tenders for jungle clearance along various roads in Amaravati. Chief Secretary Neerabh Kumar Prasad, along with CRDA Commissioner Vivek Yadav and other key officials, has conducted a visit to the region to assess the situation.
YV Ramana Rao, the president of the Andhra Pradesh chapter of the Confederation of Real Estate Developers Association of India (CREDAI), asserted that the prices of land in Amaravati began to rise two months prior to the 2024 concurrent Lok Sabha and Assembly elections, in anticipation of Naidu's victory.
The office-bearer of CREDAI stated that there is a land inventory of up to 50,000 acres in and around Amaravati, comprising both government and private lands. Previously valued at around Rs 15,000 per sq yard, the current price has increased to Rs 25,000 per sq yard. This surge in prices is reminiscent of the rates observed during the previous TDP government's tenure from 2014 to 2019.
Rao told media, “Real estate boom has already started. It (land prices) will keep increasing on a yearly basis and we are expecting that in 18 months the prices will double."
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