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Guntur, now A ‘realty’ capital
Guntur, now A ‘realty’ capital, The Guntur-Vijayawada region has become the ‘real estate capital’ even before a decision on it has been taken. Big shots from other States are making a beeline to the town to purchase lands.
- Big shots from other States camping in town
- Land prices shooting up
- Unprecedented rise in number of registrations
- Mangalagiri, Pedakakani sub-registrar offices earning crores of rupees
Guntur: The Guntur-Vijayawada region has become the ‘real estate capital’ even before a decision on it has been taken. Big shots from other States are making a beeline to the town to purchase lands. They are camping here. The town’s outskirts are full of cars of the visitors. Real estate traders ranging from 1,000 to 1,500 are said to be purchasing lands, giving a big boost to their prices. They are showing keen desire to lay their hands on any piece anywhere.
As a result there has been an unprecedented record increase in land registrations bringing cash to the government’s coffers. Land prices have hit the roof following the talk that the new AP capital being located in the region. Those lands which have been lying unsold are now fetching crores. Such situation is prevailing across the district, particularly in 50 km around Guntur.
The land rates have gone up steeply in Mangalagiri, Amaravathi, Narasaraopet, Chilakaluripet, Tenali and Prathipadu areas linking Guntur. The land prices in the Guntur-Vijayawada region have peaked following rumours of locating the AP capital there. Those which were costing Rs 1 crore four months back are now being quoted for Rs 15 crore.
A square yard in a remote corner in the region now costs Rs 5,000. The land prices have also gone up steeply in Pedakakani, Mangalagiri and Tadepalli areas. The registration offices in these towns are always packed with people. As a result, even the affluent have to think twice before deciding to make purchases. The commoner has to merely look at such lands to satisfy himself, as there is virtually no chance of his getting hold of them. The boom in real estate trade is bringing huge piles of cash to the government treasury.
As against revenue of Rs 30 crore in April, May and June last year, the amount is now Rs 65 crore for the same period in 2014. The Mangalagiri and Pedakakani registration offices are topping in the registration earnings. As against 2,500 registrations during April-June in 2013 in the Mangalagiri office fetching a revenue of Rs 4 crore, their number has now touched 3,500, bringing in Rs 10 crore.
Income of the Pedakakani registration office is more. In 2013 it had earned Rs.3 crore from 1,500 registrations. This year the amount was Rs.10 crore from 2,900 registrations, say the department officials. Four times higher amounts are said to be unofficially changing hands, causing a loss to the government. If all land agreements are registered the amount could even touch Rs.100 crore, according to the officials.
