Even before Amaravathi was announced as new capital of Andhra Pradesh, it became the favourite destination for real estate people and businessmen. Farmers made goldmine out of their lands as real estate people ran after them competing to acquire their lands offering astronomical amounts.
Many expected real estate boom in Amaravati resulting in realtors and farmers playing the hard bargaining game. It is know comingout that both are now experiencing real estate shock.In the last few months land rates came down crashing following low demand in and around Amaravathi.
During the last one year realtors went on land buying spree and now seeing steep crash in demand are now trying to dispose off their properties.Many are of the opinion that AP government headed by Cm Chandra Babu Naidu is deliberately delaying the finalisation of layouts to bring the markets down as many farmers are waiting eagerly to sell properties and are waiting in anticipation of increase in rates.
Some realtors felt that the real estate situation will not improve even if AP secretariat and express highway gets completed.
