Summary:
The development is likely to offer some relief to the real estate sector, which is still recovering from the blows dealt by the pandemic.
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Thousands of flats in apartment complexes remain unsold and many ventures that were taken up in Amaravati Metropolitan Region Development Authority (AMRDA) continue to remain stuck.
The real estate sector in the city is witnessing a boom with houses coming up at YSR Jagananna colonies.
Land rates in the colonies and in their proximity have skyrocketed.
With these areas becoming the prime choice for many buyers from the middle class, promoters have started housing projects in the hopes of higher demand.
The development is likely to offer some relief to the real estate sector, which is still recovering from the blows dealt by the pandemic.
Now, house sites issued by the state government have become a ray of hope for real estate promoters.
Though government housing colonies are located outside the city, many from low income groups have started constructing houses here.
Areas such as Vikas College Road of Ninna and Vanukuru in Tadigadapa municipality are turning into prime locations for real estate ventures.
“Land rates at Nunna were very low till the state government announced low-income group colonies in this region.
Many people initially criticized the government for allocating colonies very far from the city.
But many beneficiaries started constructing houses here and economic activities increased.
Around 10,000 houses will come up over here.
Investors are now making a beeline for our village,” said Avuthu Sridhar Reddy, a resident of Ninna village.
Locals said the market value of land in the area has increased by as much as 25 per cent.
Hopeful of the trend, real estate companies are targeting low and middle-income groups and developing small house sites that measure less than 200 square meter.