With the UPA deciding in favour of separate Telangana, the real estate sector will receive a push in the near future in Central Coastal Andhra.
The demand for commercial and residential space will skyrocket and housing is likely to go out of reach of the common man, and rents are likely to get wings.
The realtors have already jacked up the commercial space value by Rs.15 per square foot, on rental basis, taking it to Rs.30. It is likely to touch Rs.50 per sq. ft. The demand for commercial space is on the rise with the Congress dropping broad hints that it was in favour of Telangana.
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When contacted, Greater Vijayawada Builders’ Association chairman Gadde Rajling said the demand for commercial space would increase by 10 times. At present, about 1 lakh square feet space was available in the city. A meeting of realtors, all associations, would be convened shortly to take stock of the situation, he added. Corporate houses and companies, more particularly IT, are on the lookout for space for their second office in the coastal region. This led to sudden increase in the rental value, which, hitherto, was either oscillating or not on the higher side, realtors said. As many as 2,500 apartments are either under construction or ready for sale now. A rough estimate is that demand for the dwellings would touch 5,000.