The YSR Congress on Thursday virtually decimated the Chandrababu Naidu-led TDP and appeared on course for a landslide win in Andhra Pradesh with its candidates winning in 74 seats and leading in 76 others.
The ruling Telugu Desam Party won in 12 seats and was leading in an equal number while actor-politician's Jana Sena party was ahead in one, according to the latest trends on the Election Commission website.
The Y S Jaganmohan Reddy-led YSRC may end up with over a three-fourths majority in the 175-member Assembly.
The YSRC Legislature Party will meet here on May 25 to formally elect Jaganmohan Reddy as its leader, who will be sworn-in as chief minister on May 30.
Reddy told reporters he would take oath as CM at Vijayawada on May 30 and promised to bring in a governance that the country would stand up and look to.
With his party set to wrest power, Reddy Thursday described it as people's victory.
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Terming his party's good show in the state Assembly polls and Lok Sabha elections as a "new chapter" in the history of Andhra Pradesh, Reddy told reporters such a massive mandate came with tremendous amount of responsibility.
"I will make sure that I live up to that expectations," he added.
As the trends indicated a clear lead for the YSRC, TDP president Chandrababu Naidu forwarded his resignation from the Chief Minister's post to state Governor E S L Narasimhan, who accepted it.
At a press conference, Naidu said he accepted the verdict of the people of Andhra Pradesh and congratulated YSR Congress on its victory in the Assembly and Lok Sabha elections in the state.
He said the TDP would now review the results and announce the future course of action.
The first Assembly elections of the residual Andhra Pradesh five years after the bifurcation was held on April 11.
The TDP had bagged 102 Assembly seats in 2014.
While the TDP contested the 2014 election in alliance with the BJP, it fought the 2019 general elections on its own and faced a rout.
Prime Minister Narendra Modi called Reddy over phone and congratulated him. Earlier, he had also posted a congratulatory message to Reddy on Twitter.
"Congratulations of the remarkable win in Andhra Pradesh. Best wishes to you for a successful tenure," he said.
Reddy at a press conference also congratulated Modi over the BJP's stupendous performance in the Lok Sabha polls.
The YSRC chief asserted that his fight for securing special category status for Andhra Pradesh would continue.
Telangana Chief Minister K Chandrasekhar Rao also congratulated Reddy over the YSRC's thumping win in the general elections.
Wishing Reddy all the best, Rao hoped he would lead AP further on the path of progress.
Several top TDP leaders, including many ministers, are on the verge of defeat.