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Land prices soar after Naidu launches work in Amaravati
The Morning Standard
|October 26, 2024
A WEEK after Chief Minister N Chandrababu Naidu relaunched works in Amaravati, prices of land have shot up to record highs.
As per local realtors, land prices in the region have surged by 60-100% to ₹50,000-₹60,000 per sq. yard. The boom in land prices has triggered a debate on whether it is artificial or if it will sustain in the long run.
Over the past 10 years, Amaravati has seen a V-shaped recovery in the real estate segment. Following the bifurcation of Andhra Pradesh in 2014, Naidu, the then Chief Minister, had announced Amaravati as the capital of the state, triggering a surge in land prices. As a result, real estate in the city, spanning 217 square km, became a subject of debate and speculation.
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