‘Smart City’ move cheers Vizag realty scene
Demand has been steady and post-bifurcation prices have risen marginally by 10 to 15 per cent, says B. Raja Srinivas, Chairman of CREDAI, Visakhapatnam chapter
Feb 26, 2015
Source : The Hindu

 

Vizag: Having put the bifurcation blues behind them and though struggling with a cement and sand price spiral, realtors are readying themselves for a new phase. A slew of developments particularly the foundation for IIM and the functioning of the Startup Village have brightened things for realtors. But, it’s the announcement of development of the Smart City that captured everyone’s imagination, although none is sure about how it will turn out to be.

 

With the price of sand skyrocketing, it is turning out difficult for builders to absorb it as their project costs are going up and prior commitment to customers has been made. “But it is the announcement of Smart City that has brought in renewed interest,” says a builder with several ventures in the city.

 

The Visakhapatnam chapter of Confederation of Real Estate Developers Associations of India has recently celebrated its silver jubilee. To mark the year and to gear up for future developments it is hosting a property show from February 27 to March 1. CREDAI Andhra Pradesh Chairman K. Subba Raju says it will be an annual feature. The idea appears to be making the best of the potential generated by the focus on Visakhapatnam after bifurcation. Besides disposing of the present stock of houses, builders want to showcase future projects as well.

 

Demand has been steady and post-bifurcation prices have risen marginally by 10 to 15 per cent, says B. Raja Srinivas, Chairman of CREDAI, Visakhapatnam chapter. “There may be a bit of oversupply. This is the right time and place to acquire a house. Property rates are going to increase by 30 to 40 per cent in the next one, two years,” he says.

 

Increasing cost of land, inputs and labour and more demand will contribute to the cost spiral. However, there will be more big projects with the focus almost shifting to the outskirts where land is available and the inventory will also increase further, he says.

Latest Realty News

BJD-walks-out-over-bill
Feb 25, 2015
Bhubaneswar: The BJD joined the Opposition as they walked out to registered their protest over the controversial Land Acquisition Bill
‘Maharashtra-needs-about-50L-Housing-Units-by-2022’
Feb 25, 2015
MUMBAI: The State of Maharashtra would require a minimum of about 50 lakh new housing units by 2022 to meet urbanisation
Govt’s-fresh-policy-impetus-positive-for-Mumbai-realty:-Motilal-Oswal
Feb 25, 2015
Mumbai: The real estate sector is poised well to benefit from the downturn in rates, FDI policy relaxation and global fund-led liquidity
Piramal-Fund-Management-plans-Rs-5,000-crore-investment-in-realty-projects
Feb 25, 2015
MUMBAI: Piramal Fund Management, part of Piramal Enterprises, plans to invest up to Rs 5,000 crore over the next one year to finance construction projects
AFORD-Property-Expo-on-Feb'27
Feb 25, 2015
Bhubaneswar: AFORD, the apex body of Odisha Real Estate Developers is going to host “AFORD HOMES EXPO 2015” for the first time in Odisha from 27th February to 1st March 2015
'Serious-Action-Needed-on-Low-Cost-Housing'
Feb 25, 2015
New Delhi: The Modi government has promised housing for all Indians by 2022; the ambitious plan is estimated to cost a whopping Rs 4 lakh crore
Narendra-Modi-seeks-to-replace-crowded-India-slums-with-20-million-homes
Feb 25, 2015
New Delhi: Modi’s “Housing for All” programme seeks to build 20 million homes over the next seven years in the world’s largest housing programme
Competition-Commission-of-India-probed-132-cases-of-abuse-of-dominance-in-realty-sector
Feb 25, 2015
New Delhi: Fair trade regulator CCI has probed 132 cases of alleged anti-competitive practises in real estate sector
STATECON'2015-to-be-held-on-Feb'26-in-Raipur
Feb 24, 2015
Raipur: Credai Chhattisgarh is going to organize STATECON 2015
Land-mafia-misuses-demolition-ban,-government-cracks-whip
Feb 24, 2015
NEW DELHI: The government has directed civic agencies and district authorities not to allow any fresh unauthorized construction

Latest Realty News Of State

Realty Talk's