Till few months ago, realtors in and around Guntur have squirmed about the flight of investments to Amaravati.
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The months following the announcement of the location of the Capital and the foundation stone laying ceremony witnessed a flurry of real estate activity in the Core Capital area.
As Amaravati turned into a pot of gold, builders who have pinned their hopes on the opportunity of making a fast sale, have become crestfallen.
However, the recent announcement of the Chief Minister about the relocation of all departments and personnel, lock, stock and barrel, from Hyderabad to Guntur-Vijayawada, have raised the hopes of many builders.
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Decision welcomed
“We welcome the decision of the government and it will definitely raise demand for apartments here in the coming months. The government should further create better infrastructure, improve quality of water supply and create amenities for leisure,’’ said Srinivas Chebrolu, a builder.
The demand for hundreds of flats on Inner Ring Road phase 1 and phase 2 connecting Auto Nagar and Gorantla and further towards Swarna Bharathi Nagar has picked up with most of the personnel preferring these locations in view of direct connectivity to Amaravati Road.
But the prices have gone up steeply up to Rs. 4,500 per square feet on IRR and Amaravati Road.
As it takes about 35-40 minutes for those staying at Gorantla to reach the temporary secretariat at Velagapudi via Amaravati Road, most personnel are preferring accommodation on this stretch.
On the other hand, some of the key departments, Department of Municipal Administration, Acharya NG Ranga Agricultural University and Open School offices, have already been functioning from residential flats on the Inner Ring Road.
In June, the marketing departments of Agriculture and Horticulture would start functioning from the existing buildings at Chuttugunta. This has created the demand for accommodation at Syamala Nagar and Housing Board Colony at Nallapadu.
Several ministers and senior bureaucrats have already made the IJM-Lingamaneni Raintree Park Villas, opposite Acharya Nagarjuna University, as their homes and soon many more would follow.
Rentals shoot up
There are about 900 apartments in the township, of which 450 have been occupied. The rentals, which used to be about Rs.8,000-Rs.10,000, till few months ago, have now shot up to Rs.15,000.
“We have submitted details of number of vacant flats available to the State Government. We are ready to extend all possible help to those moving out from Hyderabad,’’ said District Revenue Officer K. Naga Babu.