All of a sudden, land rates in Visakhapatnam have decreased. Everyone knows the reason behind this.
Visakhapatnam is the favored city of the YSR Congress Party (YCP). Jagan Mohan Reddy stated that if he wins the election again, he will make Visakhapatnam the capital.
For four years prior, Visakhapatnam was considered the administrative capital. Due to these developments, land prices in Visakhapatnam and surrounding areas had skyrocketed.
Land prices were rising in key areas of Visakhapatnam like MVP Colony, Siripuram Junction, Seethammadhara, Akkayyapalem, and Dasapalla Hills. Where the price per square yard was once one lakh, it went up to one and a half lakh. In some places, the rate per square yard reached two lakhs.
Looking at the prices per acre, they were up to 60 crores in prime areas of Visakhapatnam, reaching as high as 100 crores. However, all these increased rates have now significantly declined. The situation is worsening once again.
In Visakhapatnam and its surrounding areas like Sagar Nagar, Bhimili, Madhurawada, Endada, and Rushikonda, where the price per square yard was one and a half lakh, prices have plummeted within just a week.
Similarly, prices have significantly dropped in areas like Pendurthi, Sabbavaram, Elamanchili, Anakapalli, and Vizianagaram.
Realtors are dismayed by this development, but middle-class employees and common people are pleased. They believe that Visakhapatnam does not need to be a capital; they prefer it to remain as it is.
Many hope that with lower prices, they can afford to build homes. It is anticipated that prices will fall further in the coming days. The real estate boom has collapsed like a house of cards.
Realtors who heavily invested from Visakhapatnam to Srikakulam, believing Jagan Mohan Reddy would certainly win, are now disappointed. Most of these investors are associated with the YCP. They did not expect this outcome.
This is how the decision regarding the capital has impacted the real estate market.
