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Trip to Ongole India
By Ravi Balsa
I recently visited Ongole India and I wanted to write about my experiences and observations. I was born in Ongole and emigrated to the United States at a young age. I hadn't visited in over 10 years and I was looking forward to visiting my grandparents. I knew that India was experiencing tremendous growth and change. It's been all over the news, covered by the financial press etc. What I didn't know was how the changes were affecting my home town. I want to share how my sleepy little town (village really) has been transformed by India's economic growth.
On my last trip to India in 1998, I visited a town experiencing some growth but it wasn't that much different than when I visited in 1990. When I visited in December 2009, I hardly recognized it. The biggest change I noticed was the homes that people lived in. Real estate has simply exploded in India!
Construction is everywhere. Whereas people lived in one level homes and the less fortunate lived in thatched huts, large two level homes are becoming far more common place. Two level condominiums, five story apartment buildings are everywhere. On Trunk Road, the main commercial road in Ongole, there used to be a few restaurants and shops. Now there are several schools, colleges, pharmacies, internet cafes, banks etc. The actual skyline of Ongole has changed. It is no longer a sleepy little town in Andhra Pradesh. It is a small city. I've included some pictures at the bottom of this article to give you an impression of the skyline and the buildings.
And along with the boom in real estate has come skyrocketing prices. Ongole has had one of the most resilient real estate markets in India. My grandparents had bought a two room condo two years back and it has already appreciated 50 percent! Several homes sell for a starting price of 100,000 USD (or 5000000 Rs. The exchange rate ranges from 40-50 rupees for one dollar). Homes with a price of $200,000 are appearing on the market. And people are buying. Once Ongole relied on remittances from the States, rice farming and small scale industry. Now Ongole is benefiting from a booming trade in granite, information technology services (or BPO) and several universities opening in the area. Although previously hot markets like Bangalore, Gurgaon and Delhi have cooled off a bit, Ongole remains strong and is continuing to grow. I've included a source at the bottom of this article which talks about the real estate market.
So what does this all mean for average Americans? Have the Indians taken all of our money? Will business process outsourcing devastate the American middle class? I couldn't help but ask these questions as I wandered my old stomping grounds. I have no clear answers to these questions. But I know that real estate market is booming here. I hope to post more as time permits. And if you have any questions, please ask.
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Contributor's Note
Article about my recent trip to Ongole India. Info on Real Estate market boom.
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Ongole Portal site
 
ongole skyline
building in construction
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February, 2012
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