Vijayawada

Realty expects gazumping trend soon

One of the many high-end ventures that are coming up in the new capital area, on Poranki-Nidamanuru Road near Vijayawada.– File Photo: Ch. Vijaya Bhaskar

One of the many high-end ventures that are coming up in the new capital area, on Poranki-Nidamanuru Road near Vijayawada.– File Photo: Ch. Vijaya Bhaskar  

Builders’ Association planning construction of high-end buildings in the Amaravati region

The imminent shift of the Secretariat employees from Hyderabad to Amaravati may again trigger the familiar problems of property boom and gazumping in the realty sector, it is feared.

The housing market is picking up again, but builders and property developers are cagey about their response to the situation.

According to members of the local chapter of Confederation of Real Estate Developers’ Association of India (CREDAI), enquiries had been pouring in from prospective buyers from Hyderabad and other places in the last fortnight.

This also means an array of tricks coming back into play turning the home-buying process from being merely difficult into unfeasible. Property hotspots like the prime localities in Vijayawada city and in the new capital Amaravati seem to be moving farther away from them.

“We have finally started receiving enquiries for properties that have been lying vacant for want of buyers. We expect that at least 40-50 per cent of the nearly 1500-2,000 ready-to-occupy apartments of CREDAI members in and around Vijayawada to be filled by August-end this year,” says R.V. Swamy, former vice-president of the Association. Chairman of Capital Region Builders’ Association Gadde Rajaling admits there is a reason to cheer for the fraternity “but they may have to exercise patience and wait for a while”. “We expect the market to take off only after Sankranthi 2017. Of the 8,000—10,000 families expected to shift here from Hyderabad, most of them would commute in the weekends for one year and would explore the possibilities of buying properties only after that,” says Mr. Rajaling.

The Builders’ Association, in collaboration with the Andhra Pradesh Real Estate Developers’ Association (APREDA), is designing mega plans of taking up construction of high-end buildings in the Amaravati region.

‘Very optimistic’

“We don’t intend to build any more projects in and around Vijayawada. Our focus now is on Amaravati. A lot of development is happening in that region and it is natural for all big companies to throng the new capital. The place will turn into a hot favourite by 2017-18 and we want to create our market there by then,” he says emphatically. The Association is eagerly waiting for the Government to start allotting plots for development in Amaravati. “Our clock has started ticking and we are very optimistic about future,” he added.

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Printable version | Apr 6, 2020 5:00:28 AM | https://www.thehindu.com/news/cities/Vijayawada/Realty-expects-gazumping-trend-soon/article14416534.ece

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