Election Results: Real estate prices in THIS city surge up to 100% in 3 days – Thanks to Chandrababu Naidu – Money News

We have seen in the past how election results sway stock markets in India, adding or wiping out investor wealth by lakhs of crores of rupees within a few hours. This time, on June 4th, when the counting of votes for the Lok Sabha election results was underway, the Indian stock market nosedived, wiping out over Rs 20 lakh crore of investor wealth. However, since then, we’ve witnessed a massive revival in stock prices, with the Nifty rebounding over 10% from its intraday lows on June 4th. The jitters among investors were created on election results day after it emerged that the BJP-led NDA would have to settle with a much lesser number of seats than expected.

This was the story of the stock market, but there is another segment, though centred in a particular city – Amaravati, which has immensely benefited from the election results. Amaravati is the capital city of the state of Andhra Pradesh, positioned at the heart of the state on the right bank of the river Krishna in Guntur district. Amaravati’s real estate prices have surged by up to 100% within three days of the Andhra Pradesh assembly poll results and Lok Sabha election verdict on June 4! Want to know why?

Also read: Unchanged repo rate bodes well for housing sector, say property consultants

On June 4, when the Lok Sabha election results were announced, the Andhra Pradesh assembly poll results were also declared. In these Assembly elections, N. Chandrababu Naidu’s Telugu Desam Party (TDP) made a comeback with a thumping majority, wresting control of the state from YS Jagan Mohan Reddy. Naidu’s TDP also secured 16 Lok Sabha seats out of 25 in the state, emerging as a major ally in Narendra Modi’s BJP-led National Democratic Alliance (NDA).

After assuming office as the CM, Jagan Mohan Reddy in 2019 decided to have three state capitals. Visakhapatnam was declared the ‘executive capital’ and Kurnool as the ‘judicial capital’. He made Amaravati the ‘legislative capital’ – halting all construction projects in Amaravati initiated by the Naidu government during his 5-year stint as CM.

In this election campaign, Jagan announced that Visakhapatnam would be made the new capital city of Andhra Pradesh. But now, the massive victory of the TDP in assembly polls has cleared the uncertainties.

With Naidu’s TDP returning to power in Andhra Pradesh, Amaravati is likely to see a revival of real estate, igniting the buyers’ interest.

Within just three days of the election results being announced, real estate prices in this Andhra city surged anywhere between 50% and 100%, as reported by The Times of India.

According to an FE report citing leading real estate developers and brokers, land prices have doubled in the last one week, while existing projects have raised prices by 10-20%.

Naidu’s vision for Andhra Pradesh extends beyond merely designating Amaravati as the new capital. He also aims to transform it into a modern IT hub, complete with cutting-edge infrastructure and development.