Real boom brings big smiles to govt
Real Boom Brings Big Smiles to State Government. Even as the State government is struggling to persuade farmers to part with their lands for the capital city, real estate boom in the capital region has taken everyone by surprise. Thousands of crores are changing hands every day in the region.
- Land value shoots up sky high in capital region
- Realtors from outside State purchasing lands left, right & centre
- High-end cars flooding the villages
Guntur: Even as the State government is struggling to persuade farmers to part with their lands for the capital city, real estate boom in the capital region has taken everyone by surprise. Thousands of crores are changing hands every day in the region.
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Enquiries with officials showed that lands worth Rs 3,000 crore had changed hands during the last 10 days in the proposed capital region which consists of Thulluru, Tadepalli and Mangalagiri mandals in Guntur district.
The realtors swarmed all over Vijayawada and Guntur in the aftermath of bifurcation of the State. But they were initially disappointed as there was no real estate boom. The government too prevaricated initially. Later it announced that the capital would be built in the vicinity of Vijayawada. It was later shifted to Guntur district. As Ministers and officials started visiting villages to talk to farmers to part with their land for the capital city, the land value in the regional has suddenly gone up sky-high. Lands in the region are out of reach of the common people. Even barren lands are in great demand. The value of land, whether it is barren or fertile, is quoted as high as Rs 10 crore an acre.
The value of fertile land in the villages which are now in the proposed capital region was just Rs 10 lakh an acre. There were no takers for barren lands in the past.
Realtors who have converged on Guntur district started purchasing the lands left, right and centre. Villages, which did not see even a bus in the past, are now swarming with luxury vehicles.
The real estate boom has brought a sudden flow of revenue to the Registration department. Mangalagiri Sub-registrar office, according official sources, has earned a revenue to the tune of Rs 15 crore , four times higher than the target fixed by the government, in just ten days. The revenue earned through registration in Guntur this month so far was a staggering Rs 60 crore.
