Amaravati: Registration of resale plots was started yesterday at Thullur Sub-registrar office. CRDA was registering the plots to the farmers who have participated in Land pooling scheme from last two months.
Registration value was set at Rs 400 per Sq.Yd by the revenue department. Buyers are entering into agreements with farmers of Nelapadu village. Transaction that was registered yesterday was done at 14,000 per Sq Yd. Prices for plots that were allocated for Nelapadu Village were hovering between 13,000 to 15,000 based on sector it was located.
Avenue Realty has estimated growth of 25% on 15/04/2016. Land price at Nelapadu Village was 1.35 Cr when Avenue has estimated (11,000 / Sq yd). Based on current prices land prices have gone up by 33% ( Residential and Commercial plots trading @ 14,000 & 17,500 respectively). Avenue Realty has recommended prices between 11,750 to 13,000 in different sectors in Nelapadu township on 28/02/2017 based on last transaction value of land in Acres. The current transaction traded at 10% higher than recommended value.
Prices of resale plots varies in each sector in which plots were allocated for Nelapadu farmers. plots that were allocated to Nelapadu farmers spans into four sectors i.e 97, 100, 127, 130. Plots in sectors (97,100)that were north of Nelapadu village settlement were trading at higher prices compared with plots that were allocated in sectors (127, 130) to south of village settlement.
Value for commercial plots was uncertain as farmers were not willing to sell commercial plots as they expect huge demand for them. Avenue estimates 25% higher value for commercial plots compared with residential plots.
As per our sources, CRDA is planning to revise and increase the FSI (Floor Space Index). We expect an announcement on this from CRDA within a month. Infrastructure works are going at brisk pace and is the reason for buyers confidence and higher values. We expect registration of resale plots will start very soon in Sakhamuru and Inavolu villages very soon.