A Real Estate Crisis in Puttaparthi

Land prices are in free fall in Sathya Sai Baba’s hometown

Sathya Sai Baba is being mourned by millions worldwide, but real estate developers of Puttaparthi have an additional grief—ever since it became public that the godman was seriously ill, land prices have been in free fall in this pilgrim town.

Cancellation of bookings in new apartment complexes and villas that dot the town have seen a steady rise. A two-bedroom apartment that could once fetch a price of nearly Rs 85- 90 lakh is now being sold for Rs 30 lakh.

“Some months ago, word spread that Baba was very ill. Since then, there has been a steady fall in land prices here. Several new complexes and luxury villas have been lying vacant. With Baba’s death, there is no life in Puttaparthi now,” says N Babu, a broker.

Located in the backward Anantapur district of Andhra Pradesh, Puttaparthi’s rapid growth from sleepy town to global spiritual centre saw land prices skyrocketing. For the middle class, buying property was unaffordable. Residential complexes and commercial establishments facing Sathya Sai Baba’s Nilayam Prasanthi Ashram fetched the highest prices.

The land economy has now come to a standstill. “Anyone who had a business here is now trying to flee to neighbouring districts. There is little hope for us anymore,” says Shanti Laxman, a retailer. He says that it is also a death knell for luxury hotels, shopping centres and eateries. “If the Trust makes Baba’s temple here, then there is some hope for us,” adds Laxman.

Interestingly, every year when Sai Baba undertook his two-month summer sojourn to Kodaikanal in Tamil Nadu, all commercial activity would come to a standstill here. During these two months, hotels, luxury villas and apartment blocks would offer hefty off-season discounts.

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Haima Deshpande