Prime Minister Narendra Modi inaugurated and laid the foundation stone for projects worth INR 58,000 crore in Andhra Pradesh, including the revival of construction work on the greenfield capital city of Amaravati. This move is expected to boost investor confidence and bring renewed clarity and confidence among developers and investors in the region.

The projects, which include 94 initiatives such as capital city institutions, national highways, railway upgrades, and defence-related installations, mark a significant step towards the development of Andhra Pradesh's capital.

The revival of construction work on Amaravati, often referred to as Chief Minister N Chandrababu's 'dream project', is a major development in the region. As part of this project, the Prime Minister laid the foundation stone for 74 projects worth INR 49,000 crore, which include the construction of the Assembly, Secretariat and High Court buildings, judicial residential quarters, and housing buildings for 5,200 families. These projects aim to strengthen infrastructure and accelerate the growth of Andhra Pradesh.

The idea of Amaravati as Andhra Pradesh's capital was first floated by Chief Minister N Chandrababu Naidu during his term between 2014 and 2019. However, the project witnessed a setback under his successor Y S Jagan Mohan Reddy's tenure. The recent developments have brought positivity to the real estate sector in Andhra Pradesh, particularly in Amaravati. According to Bayana Srinivasa Rao Garu, president of CREDAI Andhra Pradesh, there has been a positive shift in sentiment among developers and investors over the last six months.

The projects launched in Amaravati will feature a 320 km long world-class transport network with underground utilities and advanced flood management systems. The land pooling scheme infrastructure projects will cover 1,281 km of roads equipped with central medians, cycle tracks, and integrated utilities across the greenfield capital city of Amaravati. With renewed political support for Amaravati and active involvement from CM Naidu since last year, clarity and confidence have returned to the market.

The revival of construction work in Amaravati is expected to have a significant impact on the region's real estate market. Real estate developers are optimistic about the growth prospects in the area. The project's progress will be closely watched by investors and developers who had been waiting for assurance that their investments would lead to a positive outcome.

The development works launched in Amaravati are expected to strengthen infrastructure and accelerate the growth of Andhra Pradesh. With these projects underway, stakeholders can look forward to witnessing rapid progress in one of India's most ambitious urban development initiatives. Overall, PM Modi's revival of key Amaravati projects marks a crucial milestone in bringing back investor confidence in Andhra Pradesh's real estate market.