Real Boom In Amaravati Is Back?

Amaravati suffered the worst-ever setback ever since Chandrababu Naidu tasted the worst-ever political defeat in his career in 2019. TDP was confined to 23 MLA seats whereas YSRCP won 151 MLAs and 22 MPs. That was only the start of the decline in real-estate in Amaravati. After CM Jagan took over the reins of the state, his priorities have changed. On December 17, 2019, Jagan suddenly announced 3 Capital Cities – Vizag as Executive Capital, Amaravati as Legislative Capital and Kurnool as Judicial Capital.

In Jan 2020, AP Legislative Assembly passed a bill scrapping the Andhra Pradesh Capital Region Development Authority (APCRDA). At the same time, Andhra Pradesh Decentralisation and Inclusive Development of All Regions Bill, 2020 was passed in favour of 3 capitals. This led to the huge fall in real-estate of Amaravati. On the other hand, the Jagan government took swift measures to shift the capital to Vizag.

Farmers of 29 villages in Amaravati gave 33,000 acres of fertile land to AP government under Land Pooling. They have been protesting against the Jagan government. While there is minor respite in courts, the issue is still in the court. Amidst all these legal hurdles, the AP government has repealed the two bills. Yet, there is no movement in Amravati’s real-estate prices.

AP government said it will come up with comprehensive bills and reiterated that Vizag remains Executive Capital. Recently, the AP government conducted the Global Investors Summit 2023 in Vizag. Even during this, ministers stated that Vizag will be AP’s capital. All these have added to the capital conundrum.

MLC Poll Results Turned Tables

Cut to the chase, things have changed in recent times. Opposition TDP swept the Graduate MLC polls by winning 3 out of 3 seats. It also won the 1 MLC seat in MLA quota polls that it contested. TDP has intensified its political move. Nara Lokesh is busy with Yuva Galam padayatra. TDP claims more than 40 YCP MLAs are in touch. TDP and Janasena are going to forge an alliance in the coming polls, indicate the reports.

Meanwhile, ruling YSRCP is plagued by issues like YS Viveka’s murder case and CBI investigation. Also, the debts of the state pose a great worry. The government employees are unhappy with the state government and the recent debacle in MLC polls together giving a tough challenge to Jagan. As elections are just a year away from now, both ruling YCP and opposition TDP are closely watching the public mood and their investments in the real-estate sector.

Property Sales In Amaravati Picks Up, Vizag Slows Down

As per reports, the registrations in Vizag (purported to be Executive Capital) is not great or welcoming. The people are not in a hurry to buy properties in Vizag. On the other hand, the property purchases in and around Amaravati have gained momentum. As per data provided by the Revenue department for the year 22-23, NTR district topped the Revenue in sales and registration of property. It is followed by Palnadu district and Nellore districts.

Whereas Bheemili – Vizianagaram, which is supposed to become the centre of administration if Vizag becomes Executive Capital, saw a decrease in the revenue compared to previous year. In FY 21-22, Bheemili sub-registration office raked in Rs 56.94 crore till Feb 22. Whereas in FY 22-23, Bheemili raked in 50.55 crore till Feb 23. There is a slow down in property purchases in and around Visakhapatnam. It is said that people are adopting a wait and watch approach due to confusion in the capital. As 2024 polls are around the corner, property sales in and around Amaravati have picked up whereas there is slow down in and around Visakhapatnam. So, the real boom in Amravati is back?