Land value falls in Pharma City zone

Any announcement about a big project coming up at a certain location leads to a reality boom. The opposite situation is being seen in areas around the proposed Pharma City near Mucherla.

This is said to be the result of pollution worries owing to the establishment of hundreds of pharmaceutical companies. As a result, property transactions have been affected in a few villages of Kadthal, Kandukur and Yacharam mandals.

Farmers said they were finding it difficult to sell even a small portion of land in times of financial need like a marriage in the family.

Some property agents took advantage of this situation and offered them lower rates.

In villages like Kurmidda and Medipally, the price of land that fall under the Pharma City varied from rest of the area in the same village a few months ago before government announced its compensation.

Mr T. Venkatesh, a farmer said the land rate that was in the range of `10 lakh to `20 lakh per acre depending on the proximity to the main road halved in villages like Kurmidda.

Mr S. Venkatram Reddy, a realtor from Mucherla, said plans for new ventures had dried up in and around the Pharma City because of pollution worries.

Registration officials stated that number of land transactions in a few mandals. While demonetisation played a part, being shortlisted for Pharma City affected transactions, they said.