Realtors are anticipating that the construction of temporary secretariat at Velagapudi, will give boost to the real estate sector in the region. They pinned hopes on the real estate boom as the Capital Region Development Authority (CRDA) has already finalised the tenders and waiting for State Cabinet nod.
It may be mentioned here that the temporary secretariat construction is expected to be completed by June 25. The builders from Hyderabad too are evincing keen interest to construct skyscrapers at Mangalagiri.The realtors expected that the foundation stone laying ceremony by Prime Minister Narendra Modi for capital construction will give boost to the real estate sector but that did not happen.
Now with the government's move to construct temporary secretariat, the realtors are hoping that it will give boost to the real estate sector. They are looking forward to the shifting of thousands of government employees once the construction of secretariat is over, as it will increase the demand for houses.
K Veera Reddy, a realtor in Mangalagiri said “In 1990, one acre of land was sold at Rs 10 lakh at Hitec City, now one square yard is being sold at Rs 50,000 to Rs 60,000. Those who purchased lands at lesser price at Hitec City had benefited a lot.
Similarly, after constructing the temporary secretariat and arterial roads at Velagapudi, demand for land will definitely increase. As a result, the land prices too will go up, he added. The realtor said that after getting plots from the CRDA, some farmers will either sell their lands or construct houses in the plots. He said at present, one acre of land is being sold at Rs 1.25 crore, Rs 1.5 crore at Velagapudi and Rs 1.6 crore to Rs 2.5 crore at Mandadam.