Vijayawada: Once upon a time in Vijayawada, if one went past Gollapudi junction to Bhavanipuram, there was hardly anything worth mentioning on the way except for a liquor shop and Swathi theatre at Bhavanipuram.
But today, people would be taken aback to know that a 14 storied building is coming up beside Swathi theatre. Land prices in and around the city have shot up like crazy.
While a square yard at Madhapur is being quoted at Rs 70,000, one would be lucky to find a land at similar prices in any of the happening centres in Vijayawada.
All affluent businessmen who had hitherto invested in Hyderabad are now training their guns on Vijayawada. There is a huge demand for apartments on rent and for sale in and around Gollapudi thanks to the forced migration of the government staff to Amaravati.
The key question is: Is there development on a par with the skyrocketing prices? Is Amaravati, a real-estate bubble waiting to burst?
Because, if industries and companies are not established in the vicinity to support the market prices, common people would soon find themselves in a debt trap. The only gainers would be the real-estate companies cashing in on the initial euphoria.
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