Rapid Change in Vijayawada Real Estate?
Since the very formation of the new state of Andhra Pradesh, prospects of Vijayawada as a real estate gold mine has changed for the better. The Andhra Pradesh government has declared that after Hyderabad, the new capital Amravati which is located in close proximity to Vijayawada, has led to a increase in investments and a there is a spike in the real estate prices in the Vijayawada city. The rise land and property value is such that in the previous year alone, Vijayawada city has seen real estate prices increase by as much as 25%.
Huge Increase in NRI Investments In Vijayawada City
A very big cause for the spike in real estate prices of properties in Vijayawada has been due to the participation of NRIs (Non-Resident Indians), along with heavy investments from wealthy native financiers and vendors of transport companies. During the recent slowdown along with high inflation, many real estate markets have seen a dull and. less investments. Despite that, the NRI investments had an upward trend in Vijayawada real estate sector, amounting close to Rs 125 crore every month. Though these investments by NRIs have gradually come down, the investments at present are still substantial, at about Rs 40 crore each month. These NRIs are purchasing farm lands worth almost up to 600 till now in Vijayawada. Due to the uphold increased value of Real Estate in Vijayawada, properties are becoming Hot cakes.
The Andhra Pradesh Government Initiatives in-order to Prosper Vijayawada Real Estate Scenario
The rapid up-welling in property prices in Vijayawada has led the Andhra Pradesh government to intervene. The escalating prices might hamper the AP governments plan to effectively build Vijayawada city to great prominence. So steps like banning of changing agronomy land for building illegal villas in Vijayawada city and naming numerous illegal layouts has been undertaken in some districts of Vijayawada city. To avoid dishonest investors from causing troublesome, the Andhra Pradesh state government has made it obligatory for all companies to register their plots before any kind of lease or selling of property, and has put in place guidelines by making it essential for customers to be there at the time of registration of the property.
Therefore investing in projects like Mid Valley city can prove to be very fruitful for investors.