Tremendous Real Estate boom in AP

Hyderabad: Andhra Pradesh is witnessing a real estate boom post bifurcation, with property registrations doubling in the 13 districts during the last few months as compared to the same period last year. Real estate speculation in the hope of capitalizing on the demand for land and frenzy over the construction of the new capital are said to have contributed to the massive spurt in land transactions.

Expectedly, Krishna and Guntur districts topped the list. According to sources, the 13 districts recorded a revenue of Rs 1,469.95 crore through land registrations between June-October 2014 as compared to Rs 624.83 crore during the same period last year. Krishna district, which was initially tipped to account for the major portion of the new capital region, recorded the highest revenue from land registrations post bifurcation. As against 44,281 registrations between June-October last year, the district reported 91,215 transactions worth Rs 236.5 crore this year.

However, when it comes to the number of transactions, Guntur topped the list. The district, which entered the race after the state government identified Tulluru, Mangalagiri, Tadepalli and Guntur mandals as part of the proposed capital region, reported 99,310 land registrations with a revenue of Rs 202.59 crore during the June-October 2014 period.

"Our officials in the districts are complaining that they need more staff to provide quick service to realtors. In Krishna and Guntur districts, there is heavy rush and people are being told to come back two to three days later to get their document registered. We are planning to send more computers, scanners and give orders to appoint more outsourcing personnel to meet the demand," explained senior officials in the AP government.

A similar boom is being reported in Eluru, Tadepalliguem, Bhimavaram, Machilipatnam, Tenali, Bapatla, Narsaraopet, Chilakaluripet and Sattenapalli towns, all of which, like Nuzividu, are far away from the proposed capital region.