ith the foundation stone for the new capital to be laid in less than three weeks from now, the real estate expo staged by the Andhra Pradesh Real Estate Developers Association (APREDA) at the Chebrolu Hanumaiah Pranganam in Guntur has generated quite a buzz.
The Property Show-2015 has been billed as the biggest property show held in the new state, post bifurcation.
According to APREDA president Gadde Tirupati Rao, over 250 builders and developers from Guntur and Vijayawada are showcasing their ventures in the three-day show. On Saturday, the second day of the show, the 150 stalls laid out over a 60,000 sq ft premises witnessed a considerable increase in footfalls. More are expected on Sunday.
Apart from presentations on new ventures, investment and finance options, more than 50 firms from the construction sector are showcasing their latest products.
Among the builders at the show, there are a clutch of them from Hyderabad and Visakhapatnam exploring the market here. But the lack of clarity on the Guntur Municipal Corporation’s plans for Guntur is proving to be a bit of a dampener.
``The real estate sector, which was in overdrive last year, is showing signs of slowing down. Many builders are finding it difficult to sell their ventures,’’ said Vasu Chebrolu, managing partner of Parkville Projects.
According to sources in the building industry, more than 100 builders have started new ventures with an eye on the housing market in the outskirts of Guntur and Vijayawada.
But local builders say the real boom has not started yet. They think the real big builders are waiting for things to fall in line.
“We are seeing a trend of people willing to settle down in areas outside these two cities. With an eye on such buyers, developers are promoting gated community projects, which could be the next big thing,’’ said Mr. Rao.
The Guntur Municipal Corporation is witnessing an increase in the number of applications for building plans. “Earlier, we used to receive 100-150 applications in a year, but in 2014-15 we received more than 350,” said a source in GMC’s Town Planning Department.
