Real estate boom picks up in Vijayawada

Vijayawada, Dec 31: Whether the Centre concedes separate Telangana or not, but the present turmoil infused life into the real estate sector. The sector was in doldrums for the last two years in the district due to former chief minister YS Rajasekhar Reddy's united state stand and the inflow of dollars from the NRIs took a nosedive. Now, the real estate market in Vijayawada region is showing an upward trend as a majority of the investors are showing interest to invest in the region.

According to a survey conducted by the Builders Association of Vijayawada,  enquiries about apartments under construction are on the increase in the last fortnight. Of the 150 ongoing projects, 600 of the 3000 apartments are yet to be sold.Nearly, a 100 apartments are getting readied by next month and their prices are also likely to go up as per the demand. Several builders get elated over the upward trend in the real estate as they invested heavily.

A survey shows that the investors are not interested in buying vacant sites but only constructed houses. Builders Association president Gadde Rajling and secretary Sureddy Vishnu predicted that the occupancy levels in the first half of 2010 would stabilise the industry. Rajling said the apartment prices are likely to go up  by 30 to 40 percent in the next couple of days.