VIJAYAWADA, Dec. 30: With the agitation for separate Telangna state gaining momentum, demand for apartments is gradually picking up in and around Vijayawada city.
The builders are hopeful of selling over 600 flats unsold during the last two years due to economic meltdown and liquidity crunch. Nearly 200 builders constructed about 3,000 flats in and around the city when the state witnessed realty boom for nearly one decade. Due to recession over 600 apartments mostly unfinished remained unsold.
The builders were in a helpless condition and waited for nearly two years expecting recovery of the economy. With the Telangana agitation starting unexpectedly three weeks ago, the builders are hopeful of recovering the loss. Most realtors purchased land at high prices during the boom and invested crores of rupees for the construction of commercial complexes and residential apartments.
Mr Gadde Rajling, the president of the Vijayawada Builders Association, said demand for apartments is gradually increasing during the last three weeks with the rise of Telangana agitation. He said many buyers are eagerly inquiring the prices of flats and paying advance. Mr Rajling said settlers in Hyderabad are thinking that it would be safe to invest in their native places or districts. He felt the economy is also gradually recovering during the last few months.
Both Telangana agitation and gradual economic recovery would enable the builders to sell the flats in and around the city. Mr Rajling said the buyers are offering 30 per cent price more now compared to six months ago.
Mr P.V.R. Raju, another builder, said average rate per square feet is Rs 3,000. But, the price varies from one place to the other. He said the builders are adopting wait and see policy and not preparing up to take up new ventures or construction.
Onetime builders are unlikely to take a risk again, said another builder, Mr Vishnu Sureddy, the general secretary of the Builders Association of Vijayawada.
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