Jagananna Smart Townships may lead to increase in real estate prices in AP
Revenue Department is acquiring 350 acres near Anandapuram in Vizag for the layouts
Visakhapatnam: The recent launching of MIG layouts under Jagananna Smart Townships is expected to see a rise in prices of plots in private layouts being developed by real estate firms in the near future.
At a time when there is growing preference to own apartments by many and those who can afford properties in gated apartments and independent villas, the Andhra Pradesh Government has come out with the idea of selling plots at a reasonable price to the people belonging to middle income groups. In another move aimed at placating the ruffled feelings of non-gazetted government employees, the government issued a GO reserving 10 percent of plots in the Jagananna Smart Townships with a provision for 20 percent discount.
In places like Visakhapatnam, where the land cost is the highest in the State due to robust industrial base and following the announcement to make it the executive capital, the government has entrusted the task to develop two layouts under the Jagananna Township project to Visakhapatnam Metropolitan Region Development Authority (VMRDA) on the city outskirts. The Revenue Department is acquiring 350 acres near Anandapuram under Land Pooling Scheme (LPS) for the layouts.
Chief Minister YS Jagan Mohan Reddy recently launched the official website to book plots as well as the project recently. A realty developer told Bizz Buzz that the government decision is certain to lead to an increase in price for plots in private layouts.
The advantage with the government-developed layouts is the buyers can construct their dream houses without any legal problems with regard to title deed. The government has also promised to make the townships smart with all modern amenities like underground cables, drainage, recycling of waste and broadband connectivity. Plots are also priced at less than the prevailing market rate.
An income limit of Rs 18 lakh is fixed to make people eligible to apply. Early bird incentive is also offered to all those who pay the entire plot cost in lumpsum.
Plots are offered in three categories of 150 sq yds, 200 sq yds and 240 sq yds. The allotment will be done in a transparent way with a computerized lottery regardless of caste, religion, region, or political affiliation. In the first phase, plots were made available at Dharmavaram in Anantapur district, Mangalagiri in Guntur district, Rayachoti in Kadapa district, Kandukur in Prakasam district, Eluru in West Godavari district and Kavali in Nellore district.
Those interested can apply at https://migapdtcp.ap.gov.in, by paying 10 percent of the total price. The first installment of 30 percent is to be paid in a month after the agreement, another 30 percent in six months and the remaining 30 percent can be paid at the time of registration.
The government said 50 percent of the layout area will be earmarked for common purposes in the townships like parks, playgrounds, schools, banks, and 60 ft wide BT roads, 40 ft wide CC roads, footpaths with colored tiles, and avenue plantations. A corpus fund will be created for maintenance of the layouts.