Square Infra MD Paruchuri Kiran Kumar
Amaravati: In the aftermath of the bifurcation of the state, the Square Infra sold flats in West Hyderabad at a price less than the market price. But, the prices went up three fold subsequently. The property rates went down by 30-40 per cent soon after the bifurcation of the state. But, the growth in Mangalagiri, Tadepalli Municipal Corporation (MTMC) is developing faster than the Hyderabad city, opines Square Infra MD Kiran Kumar.
Analysing trends in AP real estate sector in an interview with Real Estate Guru, he said that up and downs are common in realty sector. But, the realtors would be able to withstand them. Automatically, growth follows. Realty sector development in Hyderabad stands as a testimony to this. The realty sector that reeled under the impact of economic recession and the movement for Telangana, recovered unexpectedly, he recalled.
Analysing further, after the announcement of three state capitals for Andhra Pradesh, the real estate sector in Amravati region showed decline. But, of late, the realty sector activities in MTMC jurisdiction have picked up pace, paving the way for development of market here.
As Chief Minister YS Jaganmohan Reddy focussed on the MTMC region development, there is remarkable progress in the region. The market here became a buyer’s market as the property prices nosedived in the region. A square yard that was sold between Rs 5000 and Rs 8000 till the other day, showed a decline by at least 40 per cent. Those who want to settle in MTMC region, it is a God-send opportunity to capitalise.
The number of transactions has come down, but real estate sector development did not come to a standstill in the region, he opined. From now onwards, there is only upward rise in the property prices, he said ruling out any downward trend. In fact, YS Jaganmohan Reddy build his house here and running the state’s administration from here. But, he did not migrate to Hyderabad or other places. It would mean the CM settled down in the region. In Tadepalli region, one can find as many government offices as possible. All premium multiplexes will come up in Tadepalli and Mangalagiri regions only. Therefore, the region is going to witness more develop than that of Madhapur in Hyderabad. After 10 or 15 days, Vijayawada is likely to become merged with Guntur.
Starting price is Rs 2800 per sft
In MTMC region, in five storey apartment complexes, the realtors sell a sft at Rs 2800. It can go up to Rs 3500 per sft. In premium gated communities, they quote Rs 3500 to Rs 5500 per sft. In Villa projects, the price being quoted is Rs 4500 to Rs 8000. The final rate is dependent on region, amenities offered and progress of construction. On the whole, there are over 3000 to 4000 flats are ready for sale in the region. The builders are developing apartment’s gauzing the market situation.
From rent perspective, flats are not available in Mangalagiri and Tadepalli region. That is why, the land lords quote Rs 10,000 to Rs 18000 per month as the rent. The rent varies from Rs 15,000 to Rs 25,000 for 3BHK apartments. The apartments are not readily available. The MTMC region is currently became the buyers’ market. The prices are down by 30-40 per cent. If anyone buys flats here, their value is going to be appreciated in two or three years.
The constitution of MTMC
On the lines of the GHMC in Hyderabad, the Government of AP declared Mangalagiri, Tadepalli Municipal Corporation with a total area of about 194.41 square km.
• All government administrative buildings have been set up here
• The APIIC office buildings are located in the region
• The AIIMS being built at a cost of Rs 2000 crore has reached final stages. In fact, the outpatient wing is already functioning. The In-patient wings would be readied soon. The specialty of AIIMS is that its main entrance is located very close to the DGP office on National Highway-5. Ducts for the four-lane roads, drainage, civil workers are through. BT road workers are in progress.
• The Krishna river bund road, adjacent to Manipal Hospital, is being developed up to AP high court.
• In fact, 12 acres of land adjacent to the CM’s house were purchased outright. There is a plan to build over 300 houses there. First, the plot allotment is going on.
• The state government is now focusing on canal development, road connectivity and other relevant issues to beautify the MTMC region.
