City Search:CHITTOOR

Total Articles:1   

Invest in Tirupati realty to earn good returns

Posted on May 29, 2015

Tirupati, situated at the foot of Indias most powerful and rich God, Sri Venkateshwara, aka Balajis abode, can earn you a rich income! How? Unlike in Tirumala where one needs to spend crores of rupees to own a luxury guest house, in Tirupati you could own a 2 or 3BHK unit at about Rs 35 lakh or own a luxury apartment which can go up to approximately Rs 1 crore and above. Despite of a lull in transactions a couple of years back, things seem to be looking up in 2015.  

The price per sq ft in Tirupati has increased remarkably in the last six months. In November 2014, the average price per sq ft near Chittoor City was about Rs 3,100. By February 2015, the price per sq ft crossed Rs 7,200. With an increase in demand in April 2015 the price range is around Rs 10,000 to Rs 20,000 per sq ft. Gated communities is the most supplied property option in the area.

The most inexpensive property one can own today are plots in the neighbourhood of Ramanujapalli, in Tirupati district where Panchayat land is available at the rate of about Rs 1,000-3,000 per sq ft.

Lands abutting villages on main roads along Papanaidupet, Gajulamandyam, and Yelamandyam around Renigunta Airport near Tirupati are valued at about Rs 2-5 crore per half acre.

Is the proximity to one of the most popular pilgrimage centres the only reason for this sudden boost.? Local experts give other reasons as well for this steep price hike.

“There are many areas which did not perform well, especially around Kadapa district and even Chittor in 2013-14. But what has given boost to the property market is the general perception of the economy looking upbeat and the announcement of IIT, IISER and a Central University for Tirupati,” says Vanit Kumar, CEO, Websqft a leading property consultant.

The area is also well developed and 'connected' in terms of NRI connections.

"The Chittoor district, of which Tirupati is a part of, has many factories in farm & food processing, textile and metallurgical sectors. It also has a lot of potential for small and medium-scale industries. Unlike many other pilgrimage centers, Tirupati has its own airport. All these factors have helped keep NRI interest in the locality,” says Seshasai Rangan, a professor at the local Sri Padmavathi Mahila University.

There is a Chittoor NRI community that is very active and has contributed to the development of the area.

This has given a boost to the rental market in the area. Rental options in the area are rarely annual. Houses are rented out to tourists and pilgrims for a short stay at about Rs 4,000-6,000 for a week.

Clearly, there is profit at the foot of the lord of the seven hills!

Kanchana Dwarakanath is an integrated communications professional with diverse experience in journalism & Marketing Communications. Her current focus areas include real estate, infrastructure, urban management and the skill development market.

Share on: