KURNOOL: Kurnool district is witnessing a fresh boom in the realty business, thanks to the statements made Finance Minister Buggana Rajendranath Reddy that Orvakal Airport is likely commence operations within two months, Nandyal will be declared a separate district and High Court will be established in the ‘judicial capital’.
In the recent months, the real estate business along the Kurnool-Nandyal road has been witnessing a boom. With the statement of the Finance Minister, land prices in the strategic areas in the district are going through the roof.
Orvakal Airport, located 25 km away from Kurnool city, which remained a non-starter for the last few years, has been minting money at least for realtors now.
The State government, under its three-capital plan, has made Kurnool the judicial capital. It is planning to establish High Court in Kurnool. The government has reportedly decided to make Nandyal a separate district, leading to heavy demand for plots in the area.
With the sudden rise in the land prices and plots, locals complain that it has become impossible for them to buy a plot and build a house in Nandyal. On the other hand, the farmers who sold their lands for a pittance years ago, are shocked by the skyrocketing prices of land.
Farmers who once owned lands near Orvakal Airport airport, are now a worried lot. The lands there witnessed huge demand during 2003-08. Elated over the doubling of prices for their property, many farmers had sold even fertile lands. Now, they watch helplessly as the realtors earn crores of profit on the same lands.
Lands adjacent to Kurnool- Nandyal national highway 45, some 70 km away from Kurnool, which used to cost below Rs 1 crore an acre, costs Rs 3 crore now.
Both sellers and buyers expect further increase in the land prices as Kurnool is also likely to get a mini-secretariat, besides the High Court.
At least 400 acres of land transaction deals were done in the last couple of weeks only along Kurnool-Nandyal road. Several political leaders are also showing interest in investing in the real estate business.
Several villages located along the Kurnool-Nandyal road are witnessing increased real estate activity.
G Madhusudhan Naidu, a real estate developer, said that one acre land is being sold for over Rs 3 crore, depending on the proximity to the Kurnool-Nandyal road. And plots in housing projects are being sold at Rs 4-10 lakh, he added.
KJ Reddy, who has a big venture with an extent of 650 acres along the Nandyal road, said that realtors expect to make a good money due to the increased land rates. “People are overenthusiastic to invest in lands thanks to the talks on judicial capital and other development projects,” he explained.
He added that sale of plots at his venture witnessed a sudden increase, of late.
B Gokari, a broker based in Kurnool, said that there is heavy demand from buyers, but property owners are not willing to sell.
They expect further increase in the land prices when the High Court is moved to Kurnool. Orvakal Airport is expected to commence its commercial operations in the next couple of months, which will further increase the land prices in the area.