Flat culture catches up in Guntur, Vijayawada

The two neighbouring cities of Guntur and Vijayawada cities seem to be finally waking up to the concept of flats. Nearly 30 residential builders, including seven prominent players in the state, are now actively involved in residential flat constructions in Guntur and Vijayawada.

Construction activity in the two cities has picked up thanks to easily available bank loans and a reduction in interest rates. Apart from local people, non-resident Indians (NRIs) have also shown keen interest in buying residential flats.

At present, a two-bedroom flat in the upmarket localities of Guntur and Vijayawada costs Rs 10 lakh and above, while a three-bedroom flat is priced at around Rs 20 lakh.

Though some attempts have been made by builders to offer flats on the outskirts at half the prevailing rates in the city, there are not many takers. A similar fate has befallen independent housing schemes taken up by prominent construction companies on the outskirts.

Interestingly, the construction of single-bedroom flats is no longer being taken up as lower and middle income groups, who patronised them earlier, are now preferring bigger apartments.

Despite some setbacks faced by the builders in the case of single-bedroom flats as well as flats and independent housing schemes on the outskirts, the builders foresee construction activity within the city limits to increase manifold in the coming days.

There are also reports that affluent people from Hyderabad are getting in touch with the real estate companies in the two cities.