Amaravati all set for big housing boom

Posted by Avenue.in on September 28, 2018
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Amaravati: The State government has drawn huge plans to construct housing projects in Amaravati capital city to ease pressure on rentals in Vijayawada and Guntur cities. Though it introduced the Rent Control Act, the government has been wary of relentless surge in rents in the two cities of Guntur and Vijayawada, and hence the new proposals.

The proposed housing projects would aim at meeting housing needs of employees and migrants who are now put off by the exorbitant prices in the twin cities near the state capital. The government is sure the rents will come down once the new projects are completed.

According to officials, the Capital Region Development Authority (CRDA) plans to construct 1,200 flats in 14 acres in Amaravati capital region in the first phase. It will sell the flats at affordable prices in open market.

CRDA is at present constructing 5,000 houses in Amaravati capital for poorer sections. Similarly, the staff quarters and the MLA quarters are also being constructed in the same location. The government wants to construct 5,000 houses additionally for poorer sections including Class IV employees of the secretariat.

The government has recently invited real estate developers and builders and apprised them of the land availability for the housing projects. It is particularly keen that more and more residential projects come up in the capital, on the lines of those in Hyderabad.

As per CRDA, three-bedroom flats are available at around Rs 18,000 monthly rent in Gachibowli. But the rents are much higher in Vijayawada and Guntur cities. Against this backdrop, the State government wants to encourage a mega buildup of residential facilities at reasonable prices.

CRDA Commissioner Ch Sridhar said that their projects are being structured to be attractive to both buyers and tenants. The buyers would purchase flats at low prices and tenants also would get houses at affordable rents, he maintained.

Source: Hans India