The Andhra Pradesh state capital is undoubtedly emerging as an important and promising cash bag for the local landlords and householders – making it hard for people who’re looking to live in rental houses.

If you are only amazed with housing rents in Telangana capital Hyderabad, then you will be more than shocked to know the rentals of 2 BHK and 3 BHK flats in Andhra Pradesh’s commercial capital, Vijayawada.

After the inauguration of the new capital of Andhra Pradesh state-Amaravati, under the administration of Telugu Desham chief Chandrababu Naidu, rental rates are booming in last three years.

As the new capital city managed to attract several projects and investments from top and mid-level companies of Japan and Singapore, in a run-up to cash on these new-establishments, including IT companies, industries, companies and government secretariat in the state capital, the residential owners have raised the bar and are making it almost unbearable for the middle class people.

The rental prices in Amaravati grew massively over the course of time, a report by leading daily has found. The intended spurt is largely the result of expected residential growth, not only government employees, but also members of business class, in city and rising commercialization.

The report further reveals that residential lease prices have almost jumped 300% – 500% in no time, based on the areas in and around Vijayawada. Below are the area wise breakup of lease-rates:

Bandar Road- 2BHK (30,000 Rs), 3 BHK (30,000-1,5 lakh)

Gayathri Nagar- 3 BHK (30,000-50,000)

Eluru Road- 2 BHK (18,000-20,000), 3BHK (25,000-40,000)

Mogalrajapuram -3 BHK (30,000-50,000)

Likewise, Vizag city is also witnessing a staggering high in house rents.  Whereas, the commercial complex is being rented out at a price range of 50,000-1.5 lakh per month.