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With the victory of the coalition in Andhra Pradesh and the assumption of office by Chief Minister Chandrababu Naidu, hope has returned to Amaravati. The real estate market in Amaravati, which had been stagnant for months until now, is now showing signs of stability. It has gained momentum with exit polls indicating Chandrababu’s victory. As a result, property prices have increased significantly. Prices of properties have risen by 10 to 20 percent. There is now a possibility of a further 50 percent increase in land prices in the coming year. After Chandrababu came to power in 2014, land prices in Amaravati reached a peak of Rs. 40,000 per square yard. However, after Jagan assumed power in 2019 and announced the establishment of three capitals, land prices in Amaravati fell to Rs. 13,000 and Rs. 14,000 per square yard. With Chandrababu back in power, land prices are rising again. Chandrababu’s acceptance as the Chief Minister and the announcement of Amaravati as the capital city have renewed hopes for further increase in land prices. The prices of properties in a project in Amaravati have increased from Rs. 5,500 to Rs. 5,800 per square yard this year. There is a possibility of even higher increases in property prices this year.
There is a possibility that AP CM Chandrababu Naidu will try to complete the construction of Amaravati capital in the next five years. However, there are those who are wise enough to raise the rates now, which should rise in the next ten to twenty years, for the sole reason that the capital will come. Therefore, investment in plots and flats should be done after knowing where the development will take place. Also, don’t blindly believe the words of real estate agents and invest.
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