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Overview (10782) :: India (11)



India :: Real Estate   ::   Print this Article
ESTABLISHMENT OF A NEW STATE CREATES A REAL ESTATE BOOM IN INDIA
09-15-2014 3:39 am - ICREA
Vijayawada, India, the city around which the new capital for the residuary state of Andhra Pradesh will be built, has become a goldmine for local property owners and recent investors in real estate.

In June, India split Andhra Pradesh, a large state in southern India, in two, creating Indiaís 29th state, Telangana. The new state kept Hyderabad as its capital, so the newly created state, named Andhra Pradesh, needed to name a new capital city.

There has been considerable hype in recent months in and around the roughly 25-mile stretch between the trading town of Vijayawada and the tobacco fields near Guntur, each strongholds of politically connected castes. Land prices were increasing daily up until the announcement that APís capital will be in Vijayawada.

The rush to buy land in the region rose to such an extent the Government had to intervene and issue orders banning conversion of agriculture land into residential plots. Itís been widely reported that those acquiring lands during this time included government officials and industry bigwigs.

With the announcement making the capital city official, realty sales in Vijayawada that had been put on hold pending confirmation from the Government, will proceed and Vijayawada will witness a major real estate boom, predicted one local official. While good for local property owners, the task of acquiring adequate land for building the capital and necessary infrastructure may not be easy for the government given the prevailing prices.

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http://www.worldproperties.com/en/News/NewsDetail/14-09-12/New_Indian_state_creates_real_estate_boom.aspx

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