The Real-Estate Prices in Amaravati are undergoing the much-needed correction but then, the recent change of government in Andhra Pradesh has led to falling in real estate prices in the capital region. jagan earlier opposed Amaravati as the Capital and there are rumors that jagan may shift the capital.
Realtors have stopped pumping money into the area and there are no buyers for lands or apartments or villas. As a result, the prices have come down crashing. The plot which fetched Rs 30,000 per sq.yard in the capital region has now come down to Rs 20,000. They are expected to fall further.
The cost of an acre land fetched Rs 1 crore to Rs 1.50 crore earlier. It has now come down to Rs 75 lakh to Rs 1 crore. Even at these low prices, there are no buyers. However, Middle-Class and the poor of the area are happy with their own area becoming affordable for them now. They are very happy with jagan in that way.