Right time to invest in an Upcoming Apartment in Guntur!
With Vijayawada being declared the new capital of Andhra Pradesh by the State government, the focus has now shifted to the development of the capital. This includes developing government establishments as well as important infrastructure facilities, which requires major parcels of land. With the availability of large parcels of government land in Guntur, the city in now in the center of a major realty boom with realty prices already shooting up based on speculations. Speculative pricing has become the norm of the day in and around the city. As a result, developers are having a field day by quoting exorbitant prices for many upcoming projects.
Developers View
CommonFloor got in touch with some prominent developers in the city to know their opinion. It was revealed that prices of residential plots have appreciated by more than double the value in the last couple of months. This was in anticipation of Vijayawada getting the nod for being selected as the capital. It was also revealed that prices are expected to remain fairly stable in the short run. Once concrete plans are in place and the development process is initiated, the prices are expected to shoot further. It was felt that this may take a year or two. Upcoming apartment projects are being developed across the city to cash in on the price bubble that has started looming larger by the day. This has posed a threat to buyers and investors planning to invest in apartments in the city. However, they can be certain that they would be able to purchase apartments at much lower prices that what it would be, say a couple of years from now.
Upcoming Apartment Projects
There are many major upcoming apartment projects in Guntur as per CommonFloor listing data. Some of them include Sreemitra Heights in Chilakaluripeta, being developed by Sreemitra Township Pvt Ltd, Garudas Enclave in Tadepalli by Garuda Construction, Kondapaneni Towers along NH-5 by Vishnu Builders, Sri Chakra Residency in Tadepalli by Live Well Constructions, NCC Park Square in Uma Maheshwari Colony by NCC Urban Infrastructure, Sitaram Township along NRT Road by Sitaram Constructions and Lakshmi Nilayam at Devapram by Lakshmi Priya Constructions, among others. Most of these are either 2 or 3 BHK units ranging in size between 1000-2500 sq.ft. Most of the developers have not declared the prices of their projects in anticipation of appreciation in prices.
Future Prospects
Prospects appear extremely bright with regards the realty scenario of the city. With government land being readily available, the next couple of years could see some major infrastructure developments being initiated across the city. Going by the proverb ‘the early bird catches the worm’, buyers looking to purchase apartments either for their own use or as an investment can check out the various listings on CommonFloor. Who knows? Probably they may be able to strike a good deal for buying an apartment of their choice.
