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Apr 11, 2015
RAJAHMUNDRY: The bifurcation of the state has come as a boon to realtors in East and West Godavari districts. The real estate business is growing by leaps and bounds in the districts as many people, who belong here but have settled down in Hyderabad and other parts of Telangana, are keen to purchase sites here.
Hoping that many areas in the two districts will develop in the wake of the division of the state, lands are in for great demand.
Many layouts were made on the 30km-long Rajahmundry-Rangapeta stretch and even 10 km beyond up to Torredu and Vemagiri. In Rajahmundry city, many old houses have been given to realtors for development. The layouts are coming up in vacant places and in paddy fields.
Because of the real estate boom, on an average the price of land per square yard has increased anywhere between Rs 2,000 and Rs 4,000 depending on the area. In Rajahmundry, the average price is Rs 20,000 per sq yard and in prime places the rate is Rs 1 lakh.
Realtors are constructing multi-storeyed apartments in the new city areas of AV Appa Rao Road, Koka Bhaskaramma Nagar, Venkateswara Nagar, Postal Colony, Jayasri Gardens, Vidyut Colony, etc.
In Konthamuru on the outskirts of the city, realtors are selling constructed houses. Though there is good demand for flats, independent houses are commanding a premium.
A double bedroom flat costs Rs 18 lakh and a triple bedroom flat Rs 22 lakh in Konthamur. On the other hand, a double bedroom independent house built in 120 yards costs around Rs 20 lakh, a house constructed in 135 yards costs Rs 23 lakh, a house constructed n 170 yards costs Rs 27 lakh and a house constructed in 250 yard costs Rs 30 lakh.
In Kakinada and its surrounding areas also realtors are doing good business, as the city is expanding towards Pithapuram where the proposed petroleum corrdior and some other industries are coming up. In West Godavari district, the real estate business is flourishing in the Eluru- Hanman Junction and Eluru-Gannavaram stretches, and Bhimavaram thanks to state’s bifurcation. realtor BS Vasu said rates of lands are skyrocketing because of the demand and also the prices of sand, steel and cement are going up.