Amidst speculations, land prices go up in Prakasam

Ongole, Jan. 19: Whether the Central government concedes separate Telangana or not, but the present turmoil infused life into the real estate business in Prakasam district.

Land values in and around Ongole have shot up with the speculations of Ongole be made as capital of Andhra if bifurcation is imminent.

Land rates in Addanki, Kanigiri, Pamuru, CS Puram, Markapuram, Darsi, Podili, Martur, Medarametla, Maddipadu, Chirala, Kandukur, Tangutur, Singarayakonda, and Chimakurti have skyrocketed to Rs 1 crore to 1.20 crore per acre from Rs 30 lakh to Rs 50 lakh.

Owners of recession-hit granite industries in Chimakurthi, 16 operative and other sick units, are now planning to convert their quarries into plots.

Pointing to the lack of export orders, high production costs and expenditure, Mr S. Krishna Prasad, a granite quarry owner, said that they were forced to sell out their quarry lands to incurr losses.

Prices of lands adjacent to Addanki-Singarayakonda-Podili-Chimakurti-Ongole roads rose to Rs 1.20 crore per acre from Rs 80 lakh.

It was no different for the lands along the National Highway-5 touching Maddipadu, Medarametla, Martur, Singarayakonda, Tangutur and Ongole in view of the Centre’s proposals to make this four-lane road into six-lane.

Recently, the state government had sanctioned Rs 6.80 crore for laying of a four-lane road from Motupalli port connecting NH-5 under the Vanpic project which also raised the land prices in Chirala and nearby areas.

Wastelands near Ongole under Kothapatnam mandal are also witnessing real estate boom.

Proposed airport at Biramgunta also enhanced the land prices with plotting underway along the 18 km stretch between Ongole and Kothapatnam beach road.