Chandrababu Naidu will take oath as Andhra Pradesh CM on June 12.
As the first chief minister of the bifurcated state from 2014 to 2019, Chandrababu Naidu proposed Amaravati as the capital city.
Telugu Desam Party, led by N Chandrababu Naidu, accomplished a thumping victory in Lok Sabha and Andhra Pradesh assembly elections. He is set to be sworn in as Andhra Pradesh Chief Minister on June 12. As per the Times of India, following the TDP’s win, the real-estate prices in Amravati have increased between 50 per cent and 100 per cent.
As the first chief minister of the bifurcated state from 2014 to 2019, Chandrababu Naidu proposed Amaravati as the capital city. This new greenfield capital was planned to be environmentally sustainable and situated between Vijayawada and Guntur, comprising 29 villages. The 74-year-old politician secured approximately 30,000 acres of farmland from local farmers for the construction of the Amaravati capital city through a land pooling scheme. Prime Minister Narendra Modi also participated in the foundation-laying ceremony. However, this plan suffered a setback after the YS Jagan Mohan Reddy-led Yuvajana Shramika Rythu Congress Party came to power.
Land Prices
1. Before 2019, the land prices at Amravati were reportedly Rs 25,000- Rs 60,000 per square yard.
2. After YSRCP came to power, the prices dipped to Rs 9,000-Rs 18,000 per square yard.
3. Now, land prices hover in the region of Rs 30,000- Rs 60,000 per square yard.
Areas Witnessing High Demand
The land near educational institutions, the high court, assembly, secretariat and central government institutions are increasingly in high demand. The realtors, farmers and brokers are seeing an upward trend regarding the land from buyers in Hyderabad, the United States of America, the United Kingdom and Australia.
On the other hand, the shares of KCP Ltd gained over 13 per cent on June 7 following the election victory of Telugu Desam Party (TDP) chief N. Chandrababu Naidu in Andhra Pradesh. The Chennai-based company’s stock, which jumped 12.93 per cent on June 7 to close at Rs 248, had previously risen by 13 percent on June 6 and 18 percent on June 5.
These surges came after announcements of both the Lok Sabha and state assembly election results. KCP is a major player in the cement and sugar industries.
Not only the land rates in Amravati, Heritage Foods, a company founded by TDP has also witnessed substantial growth in markets. The company’s shares surged by 55 per cent over the past five days, resulting in a significant increase of Rs 535 crore in the wealth of Chandrababu Naidu’s wife, Nara Bhuvaneshwari. Bhuvaneshwari holds a promoter position in the company. On June 3, just before the election results were announced, Heritage Foods shares were trading at Rs 424. Today, they stand at Rs 661.25, marking a 52-week high. Its 52-week low was Rs 207.
In 1992, Chandrababu Naidu established Heritage Foods which is described on its website as one of India’s fastest-growing publicly listed companies. It operates in two main divisions: dairy and renewable energy.
