State Division boosting Seemandhra real estate market
The division of Andhra Pradesh has driven the real estate market onto another level of ecstasy.
Now there are two states, Seemandhra and Telangana, for which real estate market analysts have predicted a minimum rise of 40% in real estate business across the major cities (Visakhapatnam, Vijayawada, Kurnool, Tirupati and even Ongole) over the period of next 6 months in Seemandhra.
According to developers across the Andhra region, Vijayawada-Guntur has the potential (in terms of infrastructure and connectivity) to become the next hot spot for the real estate market after Hyderabad. Real estate developers are gearing up to focus on the Vijayawada-Guntur stretch along with sites in and around Vizag because Vijayawada is centrally located and can provide infrastructural support. The city is the business capital of Andhra Pradesh as a major trading and business center.
For now, it has been declared that Hyderabad will be treated as common capital for both the states for 10 years. This statement has created a cloud of doubts in the minds of developers about the next best option for the capital of Seemandhra. It is true that the new capital will see real estate players trooping in large numbers. At present, all odds are drawn in favor of Vijayawada for being the next capital of Seemandhra. Residential land and plot rates are surging from the current levels in core area (like MG road, Moghalrajpuram, 1-Town, Benz Circle, Governorpet, Suryaraopet ) of the city.
Although Ongole is another option for being the capital. It has the potential to serve as a administrative headquarter of the state. Its adjacent town has brought in plenty of revenue. At present, it is the district headquarter of Prakasam District. It is developed into a city with schools and colleges (Engineering and medicals). Recent political activities has boomed the business of real estate. Development of Apartments and Townships has been expanding horizontally mostly adjacent to the main roads. It has plenty of land available for expansion. Experts are saying that not all the eggs should be put in the same basket and administrative and commercial capital can be different.
Last but not the least, Visakhapatnam, in short Vizag, has a promising future. At present, IT and real estate industry are expanding because of Influx of population from across the state. Other factor is expanding manufacturing sector and Oil sector related industries. The availability of better jobs and better lifestyle in the city has become the main attraction point for the young generation. Due to the current political events, the focus of investors has been shifted to Vizag. Although it is already on a fast track of development with a multitude of industries ranging from IT to infrastructure and the formation of new state has added impetus to the growth of the city.
