Telugu Desam Party, led by N Chandrababu Naidu, accomplished a thumping victory in Lok Sabha and Andhra Pradesh assembly elections. He is set to be sworn in as Andhra Pradesh Chief Minister on June 12. As per the Times of India, following the TDP’s win, the real-estate prices in Amravati have increased between 50 per cent and 100 per cent.
As the first chief minister of the bifurcated state from 2014 to 2019, Chandrababu Naidu proposed Amaravati as the capital city. This new greenfield capital was planned to be environmentally sustainable and situated between Vijayawada and Guntur, comprising 29 villages. The 74-year-old politician secured approximately 30,000 acres of farmland from local farmers for the construction of the Amaravati capital city through a land pooling scheme. Prime Minister Narendra Modi also participated in the foundation-laying ceremony. However, this plan suffered a setback after the YS Jagan Mohan Reddy-led Yuvajana Shramika Rythu Congress Party came to power.
1. Before 2019, the land prices at Amravati were reportedly Rs 25,000- Rs 60,000 per square yard.
2. After YSRCP came to power, the prices dipped to Rs 9,000-Rs 18,000 per square yard.
3. Now, land prices hover in the region of Rs 30,000- Rs 60,000 per square yard.
Areas Witnessing High Demand
The land near educational institutions, the high court, assembly, secretariat and central government institutions are increasingly in high demand. The realtors, farmers and brokers are seeing an upward trend regarding the land from buyers in Hyderabad, the United States of America, the United Kingdom and Australia.
On the other hand, the shares of KCP Ltd gained over 13 per cent on June 7 following the election victory of Telugu Desam Party (TDP) chief N. Chandrababu Naidu in Andhra Pradesh. The Chennai-based company’s stock, which jumped 12.93 per cent on June 7 to close at Rs 248, had previously risen by 13 percent on June 6 and 18 percent on June 5.
Source: news18.com
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