NANDIGAMA: A tiny municipal town, Nandigama in Krishna district is emerging as a new hot spot for realty boom. Land rates are shooting through the roof in and around Nandigama town, 45 km from Vijayawada, due to its proximity to the capital city area located on the other side of Krishna riverbank.
With the state government unveiling its plans to construct three bridges across the Krishna to provide better connectivity to Hyderabad and the new capital and Nandigama being the gateway, it has triggered realty rush of sorts. Realtors are betting high on Nandigama as they believe the town will become the hub of all civic activity. Since capital city master developers are expected to take the entire riverbank in Guntur district into their fold and make it an exclusive commercial zone, Nandigama, located close to the riverbank, is set to become a major attraction for residential and commercial ventures as well.
Speculation about landing point of the iconic flyover from the capital city near Nandigama has further fuelled the land prices. The rates are hovering around Rs 4 crore-Rs 4.5 crore per acre. These rates are considered to be much higher than the prevailing market rates in the core capital city area.
Vijayawada, being a land-locked city, has very little to offer for further growth. Little wonder, realtors are making a dash towards Nandigama to put their monies for higher returns. Land rates in Nandigama quoted around Rs 5 lakh-Rs 10 lakh per acre before the announcement of capital city in Thullur mandal. Although prices touched Rs 1 crore per acre soon after Amaravati was announced, they went up steeply recently.
“It will be very difficult to do businesses if the prices further go up as it makes no sense in investing such huge amounts on land alone,” observed builder G Diwakar. Realtors are nonplussed with prices in Nandigama zooming at a time when rates in Vijayawada, Guntur and Mangalagiri are witnessing a slump.
On the other hand, local farmers are on cloud nine following the increase in land rates. Most of the land holdings in Nandigama region are dry which do not offer much to the farmers through agriculture operations. “The growing market helps both the farmers as well as local realtors,” said real estate firm owner Ravuri Ravi. He told TOI that people from Vijayawada are flocking to Nandigama to invest on apartments in the town.
Builders, who offered flats at Rs 2,000-Rs 2,400 per sft till a few months ago, have jacked up prices to Rs 3,000-Rs 3,500 an sft. With new-found riches, apartment culture is also spreading in the town. A three-bedroom flat costs anywhere between Rs 30 lakh and Rs 40 lakh now.
Sources said chief minister Chandrababu Naidu’s promise to develop Pavitra Sangamam, the Krishna-Godavari confluence point, into a major tourist attraction has spawned rise in land rates in and around Nandigama, which is 35 km from sangamam.
Credits ET Realty