Realty Study on Tenali – A CommonFloor Story (Part II)
Real Estate Scenario in Tenali
Tenali has some important micro-markets that have immense development prospects. Some of these are Autonagar, Katevaram, Ithanagar, Chenchupet, Sulthanabad, Nandulpet, Ramalingeshwara Pet, Morrispet, Mallepadu, Chinaravuru and Pedaravuru, among others. Tenali is renowned for the availability of many residential plots scattered across the city. There is also demand for rental as well as Paying Guest accommodation in Tenali. Moreover, there are also a few apartment projects that are available for sale, besides many re-sale ones.
Plots
Due to the availability of large parcels of land across Tenali, residential plots are very common here. Some of the areas with many residential plots in Tenali are along Nagarjuna University Road, Golidonka Road in Ithanagar, Chinaparimi, Mulpuru, Kattevaram Road, near Vignan University, besides those along NH-5. Plots sizes range between 1500-3000 sq.ft. with values ranging between Rs 500-1000 per sq.ft.
Independent houses
Tenali has many independent houses that are available for sale. Many of these are 2 BHK houses between 1500-2500 sq.ft. which are priced in the affordable range between Rs 15- 35 lakhs. However, there are many luxury 3 and 4 BHK houses as well with sizes ranging between 2500-5000 sq.ft. priced between Rs 50 lakh- 1.5 crore.
Paying Guest Accommodation
Due to the influx of students coming over to Tenali from neighbouring localities, there is a steady demand for PG accommodation. The PG rental in Tenali ranges between Rs 3000-5000 per month based on the availability of food as well as other facilities.
Residential Apartments
There are many apartments which are available for sale, most of them being re-sale ones. 2 BHK apartments are more in demand while there are many 3 BHK units as well. Most of these are developed by smaller developers. Sizes of apartments range between 800 and 1500 for 2 BHK units and between 2000 and 3000 for 3 BHK ones. Prices of 2 BHK apartments range between Rs 15- 50 lakh while for 3 BHK units prices are between Rs 50 lakh-1.5 crore. As per CommonFloor, one of the listed completed apartment projects here is Ramlakshmi Enclave by Marg Ltd.
New capital formation: Realty impact on Tenali
With the government deciding on the location for the development of the new capital of Andhra Pradesh between Vijayawada and Guntur, Tenali could play a vital role in the development process. This is due to the availability of large parcels of government land in Tenali which part of the VGTM UDA (Vijayawada-Guntur-Tenali-Mangalagiri Urban Development Authority). About 21,596 acres of vacant government land1 has been identified around the proposed Outer Ring Road (ORR) which is proposed to be the corridor around the VGTM UDA region. The proposed ORR has the capability of providing easy connectivity from the capital region to the National Highway. Moreover, the region also has the potential of being developed as a prominent logistics hub in Andhra Pradesh.
