Heavy demand for ready-to-occupy flats in Tirupati
Tirupati’s real estate market is booming with high demand for ready-to-occupy flats and TUDA-approved plots. Improved connectivity, rising population, and mega projects are fueling property investments.
Heavy demand for ready-to-occupy flats in Tirupati
The temple city of Tirupati is witnessing a heavy demand for purchase of ready-to-occupy flats.
World famous for Sri Venkateswara temple at nearby Tirumala hill shrine, the city draws heavy crowds 365 days from all corners of the world.
A 2 bhk flat at Avilala is on average costs around Rs.45 lakh to Rs.50 lakh whereas at Renigunta near the airport it is available for Rs.40 lakh to Rs.55 lakh depending on the amenities.
There is also encouraging demand for TUDA approved plots on the outskirts due to the hype that several mega projects will be launched mainly IT and electronic hardware units here after the coalition government was formed a year ago.
When contacted, M.Rama Prasad Rao, President,
CREDAI-Tirupati, told Bizz Buzz that the land cost in the city has gone up manifold due to heavy density of population and scarcity of open plots. The development is moving towards highway side near Renigunta Airport mainly towards south.
He said many NRIs and those who want to migrate or buy property for investment purpose are looking for plots in approved layouts or high-end apartments and gated communities.
The State Government recently signed agreements for development of IBIS star hotel. Oberoi Group has already been allotted land near the zoo for construction of super-luxury hotel.
The establishment of IIT here has given the much needed morale-booster to the realty market. A builder said in view of huge potential to transform Tirupati into a hub for religious tourism, IT should be developed in a big way.
He also wanted improving flight connectivity from Renigunta Airport merely not restricting it to an international airport without any flight to any foreign destination.
There has been a demand by the AP Chambers of Commerce and Industry Federation to introduce more direct flights to Hyderabad, Chennai, Bengaluru, Mumbai, Visakhapatnam, Vijayawada and Rajamahendravaram due to heavy potential.
Chambers State president Potluri Bhaskara Rao told Bizz Buzz that connectivity to the city needs immediate improvement due to its religious significance.
