As Andhra Pradesh government has confirmed the next capital of the state coming around Vijayawada, the rich class of the city are shelling out their deep pockets to bag as many as parcels of land possible. It is said that the top brass from film industry to business and NRIs having Andhra roots have started purchasing the lands in the area as early as 2013. Several politicians irrespective of the parties have got 100s of acres in the city over the last few months.
Real Estate Experts however are not totally ruling out the chances of dropping prices. “People buying lands at these hyped rate definitely have to look down. Even though it is going to be the capital, the development will not happen over night and it will take several years for sure. Investors will not have the patience to wait for such longer and definitely the bubble will burst. Then the commoners will be able to buy lands in and around the capital. But investing at this time is certainly dangerous”, opines Real Estate expert, Naveen Chowdary who has over 30 years of experience and hails from this part of the city.