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Real Estate Down In Amaravati?

Real Estate Down In Amaravati?

The reports that the real estate sector in the Andhra Pradesh capital region of Amaravati has taken a nosedive in the recent past have been causing a lot of concern among the people who had already put in their hard-earned money in the sector.

The reason for this downward trend in the realty sector, according to these reports, is that there was an inordinate delay in approving the major layouts, allotment of plots to farmers who had surrendered their lands and also non-implementation of various other promises made by Naidu government after the announcement of the capital.

As a result, the real estate dealers are frantically looking for buyers of their plots in order to minimise their losses.

A real estate dealer, who had bought 360 acres of land in different parts in and around Amaravati capital region at an average cost of Rs 70-80 lakh per acre, is now desperately in search of buyers.

Unless he sells the land for at least 1.40 lakh per acre, he cannot come out of the losses and repay his debts. But with the prices looking downwards, he is in complete distress.

Same is the fate of another 10-12 big-time real estate dealers. They are of the view that if the layouts are approved and plots are allotted to farmers, the land rate will go up to Rs 2 crore per acre. But there is no such situation in the area, even if the temporary secretariat is constructed and expressways are completed.

The farmers who were hoping to get some good price for their plots, are in a state of confusion as the government has not yet commenced the allotment of plots. It may take another four to five months, say sources.

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