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Vijayawada: Machilipatnam port works trigger real estate boom in Krishna district
Thriving real estate cause hike in farmland prices
Vijayawada : The commencement of Machilipatnam port construction works and completion of the two major national highway works NH-65 (Pune -Machilipatnam) and NH 216 (Kathipudi- Ongole) is luring the realtors and investors towards Krishna district to invest in real estate sector. With a vast extent of fields, plenty of water sources and a good number of transport facilities, the Krishna district is attracting realtors and compelling them to embark on new ventures.
It may be noted here, after the district bifurcation, Krishna district itself has become an extensive land bank for starting real estate projects when compared to the NTR district.
NTR district doesn’t have much land due to its geographical features, moreover, the cost of plots and flats adjacent to Vijayawada city is so expensive that common man cannot afford them. Hence, realtors, builders and individual investors are purchasing lands in the limits of Krishna district for future returns. The realtors are purchasing lands alongside Machilipatnam-Pune national highway from Vijayawada (Auto Nagar) to Machilipatnam.
The builders and realtors are starting ventures beginning from Tadigadapa, Penamaluru, Poranki, Kankipadu, Vuyyuru, Guduru and Machilipatnam in Krishna district in an extent of 70 km alongside NH 65. Besides, the realtors also took up real estate projects between Machilipatnam and Gudivada alongside Machilipatnam- Vissannapeta state highway. The projects are being taken up at Valandapalem, Hussainpalem, Pedana, Vadlamannadu, Gudlavalleru, Angaluru, Bommuluru and Gudivada.
Land prices increase
The realtors and builders, who have been disgruntled for the past three years due to Covid effect, are now showing interest to invest more and more in the real estate sector again, and they are assuming the Krishna district is the best place for investments. Envisaging a bright future and great returns in real estate sector, they are purchasing lands massively in the limits of Krishna district and changing them into real estate ventures by following all the rules and regulations. This unprecedented purchase of lands has increased the land prices here significantly, which became profitable to the farmers. At present, farmers are selling their lands that are close to the highways at Rs 3 crore to Rs 5 crore per acre in Machilipatnam region. In the past, the rates here are from Rs 40 lakh to Rs 2 crore.
Similarly, the lands, which are not near the highways (in villages) cost up to Rs 30 to Rs 40 lakh per acre and the rate was confined to Rs 15 to Rs 25 lakh earlier.
The land rates alongside NH-216 from Kruthivennu to (via Machilipatnam) Avanigadda have been increased to around Rs 2 crore per acre, and the land rates alongside Machilipatnam to Gudivada State Highway Rs 2 to Rs 4 crore per acre, and Machilpatnam to Tadigadapa Rs 3 crore to above Rs 7 crore and more.
Despite the high rates, the realtors are buying and starting ventures. They are selling plots at a minimum cost of Rs 10,000 for one sq ft near Machilipatnam and it is doubled in the limits of Kankipadu and Penamaluru areas. Besides, Ramavarappadu ring (near Vijayawada) to Hanuman Junction alongside NH-16 (Chennai-Kolkata Highway) which also fall under Krishna district the real estate and the land rates are immeasurable.
