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Real Estate boom in Amaravati washed away
By: Tupaki Desk | 5 Jan 2017 4:37 PM GMT
The surprise announcement of Prime Minister Narendra Modi on November 8th last year scrapping old Rs 500 and Rs 1000 has costed people of the AP Capital region dearly. Real Estate Boom which was at peaks until recently collapsed all of a sudden.
Actually, An acre of land in Amaravati region used to cost less than Rs 20 lakhs before it became the Capital. The prices have escalated soon after Government confirmed it as the new Capital. Not even a single acre was sold for less than Rs 1 crore after the official announcement. Some of the prime lands even costed around Rs 2.5 to 3 crore.
Currently, Cost of an acre in Capital region is anywhere around Rs 50 lakhs. Still, Hardly any land registrations have been happening as no one is willing to invest. With market analysts predicting a slump for at least couple of years, Nobody is coming forward to put their hard-earned money in Real Estate.
Actually, An acre of land in Amaravati region used to cost less than Rs 20 lakhs before it became the Capital. The prices have escalated soon after Government confirmed it as the new Capital. Not even a single acre was sold for less than Rs 1 crore after the official announcement. Some of the prime lands even costed around Rs 2.5 to 3 crore.
Currently, Cost of an acre in Capital region is anywhere around Rs 50 lakhs. Still, Hardly any land registrations have been happening as no one is willing to invest. With market analysts predicting a slump for at least couple of years, Nobody is coming forward to put their hard-earned money in Real Estate.
