Land prices in Hyderabad have doubled while Andhra Pradesh new capital Amaravathi city has been witnessing steep fall in land prices.
Thanks to 'negative developments' on Amaravathi ever since YS Jagan Mohan Reddy took over as new CM of AP in May, the land prices are nosediving.
Land prices in Amaravathi have touched a peak of Rs 15 crore per acre in prime areas at one stage during TDP regime, due to hype created by former CM N Chandrababu Naidu over developing a world-class capital city on par with Singapore.
However, after TDP lost recent Assembly polls and YSRCP forming the new government ,the real estate market crashed due to negative developments such as Jagan ordering halting of Amaravathi construction works, ordering probes on land pooling and land allotments, World Bank dropping financial assistance to Amravathi construction etc,
The land prices in Amaravathi have now been hovering the range of Rs 5 crore to Rs 7 crore in prime areas.
At the same time, the land prices in Hyderabad have doubled as investors are shifting their base from Amaravathi to Hyderabad due to political uncertainty over Amaravathi .
In Kukatpally, the land price has increased from Rs 48 crore to Rs 58 crore per acre.
In Miyapur, th land prices doubled from Rs 12 crore to Rs 24 crore. In Uppal, the land prices surged from Rs 10 crore to Rs 18 crore per acre.
In Kompally, land prices doubled from Rs 12 crore to Rs 24 crore. In Banjara Hills, Jubilee Hills, an acre land price shot up to Rs 90 crore.
In areas like Kokapet, Puppalaguda, Nanakramguda, Patancheru, Raidurg, Ameenpur, Bachupally, Pocharam, which are part of IT corridor, the land prices have doubled.
Realtors in Hyderabad are making hay with prices ih Amravathi crashing and directly contributing to increase in realty prices in Hyderabad.