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Land owners in Amaravati hit a lottery

Following the return of TDP after elections, land prices in Amaravati have surged, echoing the charm of 2019 when prices ranged between Rs 25,000 to 60,000 per square yard

Chandrababu Naidu as the CM of Andhra Pradesh declares Amaravati as the sole capital of the state.
New Delhi: Imagine if the price of your land triples within just a few days. How would you feel? Obviously, you’d be happy. But it would feel like a dream as such things rarely happen in reality. However, the city of Amaravati in Andhra Pradesh made the dream come true. According to a report by The Times of India, just three days after the results of the general elections and the Andhra Pradesh legislative assembly elections were announced on June 4, there was a 50%-100% increase in real estate prices in Amaravati.

Reason behind this change in Amaravati’s fate

The results of the Lok Sabha elections 2024 on June 4 were in the headlines. BJP, which had been in power for the past 10 years, fell short of a majority. It caused major turbulence in the stock market. A tremendous decline was witnessed. Investors lost more than 30 lakh crores. But the results of these elections have lit up the fate of Amaravati and its people. Chandrababu Naidu, the chief of the Telugu Desam Party (TDP), emerged as a kingmaker at the center. On the other hand, in the Andhra Pradesh legislative assembly elections, TDP, along with BJP and Pawan Kalyan’s party Jana Sena, made a comeback in the state’s power structure. This had an impact on real estate prices in Amaravati and benefited the residents here. Chandrababu Naidu took oath as the Chief Minister of Andhra Pradesh for the fourth time on June 12.

The story of Amaravati Lands

The story of Amaravati’s limelight begins with the division of Andhra Pradesh. After the division of united Andhra Pradesh in 2014, Andhra Pradesh and Telangana became separate states. Hyderabad was made the joint capital of Andhra Pradesh and Telangana for 10 years during the division. Soon after the division, elections were held in Andhra Pradesh. After the elections Chandrababu Naidu’s party came to power. The work of making Amaravati the capital began in 2015. The tenure of 10 years ended on June 2, 2024 and  now Hyderabad is the sole capital of Telangana.
In the 2019 legislative assembly elections, TDP suffered a defeat. YS Jagan Mohan Reddy, the chief of YSR Congress then took charge and presented a formula to develop three capitals. This resulted in land prices of Amaravati plummet. According to the report, land prices in Amaravati were between 25,000 to 60,000 rupees per square yard before 2019. This dropped to 9,000 to 18,000 rupees per square yard after the YSR Congress came to power. It should be noted that one square yard is approximately equal to one square meter.

General elections 2024

As TDP returns after the general elections and the Andhra Pradesh legislative assembly elections, land prices in Amaravati have regained its charm. The prices have reached the levels of 2019 once again. According to the report, land prices in Amaravati currently range from 30 to 60 thousand per square yard. Land prices have increased two to three times compared to the time of Jagan’s government in 2019. Six months ago, no one was interested in buying land but the situation has changed now. There is a high demand for land around educational institutions, high court, legislative assembly, secretariat and central government institutions.
After the election results, the fate of Amaravati has been decided. TDP chief Chandrababu Naidu has also sealed the deal on it by taking oath on June 11. Naidu halted Jagan Mohan Reddy’s plan of three capitals and declared Amaravati as the sole capital of the state.
He said, “There will be no games of three capitals in our government.. Our capital is Amaravati..”
This is the TDP connection behind the increase in land prices in Amaravati. Residents of Amaravati further anticipate that the prices of their lands will continue to rise in the future.
Published: June 13, 2024, 15:58 IST

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