Land prices have once again surged in Andhra Pradesh’s Amaravati soon after the results of the state assembly elections were declared.
Naidu’s dream project
Amaravati was Telugu Desam Party president Chandrababu Naidu’s dream project. The veteran politician wanted to convert city into Andhra Pradesh’s capital with world-class infrastructure.
Naidu had invested Rs 50,000 crore to build Amaravati into a greenfield capital, announcing nine theme cities and 27 townships. In October 2015, when Naidu was the CM, Prime Minister Narendra Modi laid the foundation stone for Amaravati. The state government started operating from newly built facilities in March 2017.
Focus shifted to three-city capital
Naidu’s hopes were crushed after his party suffered a defeat in the 2019 Assembly elections. Jagan Mohan Reddy became the chief minister and the state capital focus shifted to a three-city capital with administrative centre to Vishakapatnam, judiciary to Kurnool and legislative assembly at Amaravati
Hyderabad was the capital for both Andhra Pradesh and Telangana until June 2 this year, as per the Andhra Pradesh Reorganisation Act. The act defined the boundaries of the two states, determined how the assets and liabilities were to be divided, and laid out the status of Hyderabad as the permanent capital of new Telangana and the temporary capital of Andhra Pradesh.
Revival plan on the cards
With Naidu donning the role of a kingmaker in the newly formed NDA government at the Centre, there are hopes that Amaravati will again get the capital’s role, the Business Today reported.
Realtors point out a sharp increase in land prices shooting up to Rs 40,000-50,000 per square yard from Rs 10,000-15,000 per square yard.
“These elections have definitely increased the value of land in Amaravati. This is a great opportunity for the people of AP and South India to come and invest here. After the formation of the new TDP government, we’re anticipating much development in the upcoming two years,” Manoj Kumar, a realtor was quoted by Business Today.
