Affordable realty lures buyers to Vizag Vizianagaram belt
Sep 24, 2015
Source : Toi

VISAKHAPATNAM: Realtors in the districts of Visakhapatnam and Vizianagaram are rubbing their hands in glee as the demand for plots in the Vizag-Vizianagaram belt is witnessing a steady growth, which they claim is on account of the sharp increase in realty prices in the capital region of AP.

Soaring prices in the Vijayawada-Guntur region and steady growth in the prices of plots located on the outskirts of Vizag, are prompting buyers to look at realty in the Vizag-Vizianagarm belt as it is more affordable. Also it is not just buyers from the capital area but also those from Hyderabad that are lapping realty up in the belt, claim realtors.

According to realtors, while Anandapuram, Tagarapuvalasa and Bheemili have witnessed a nearly 30-40% hike in prices during the last six months on account of various announcements made by the AP government such as the greenfield international airport at Bhogapuram, convention centre at Madhurawada and IT Layout at Kapuluppada, many of the plot purchasers are now looking at the road leading to Vizianagaram for affordable investments in the range of Rs 5,000-6,000 per square yard. Also, realtors point out that Kothavalasa and S Kota are being sought after by customers as land there falls under the price range of around Rs 4,000-5,000 per square yard.

"No plots are available in Anandapuram, Tagarapuvalasa and Bheemili area for anything less than Rs 10,000-12,000 per square yard these days. So if a person wants to buy a 100-square yard plot in this area, he has to shell out at least Rs 10 lakh, which is not exactly affordable for everybody," said B Narayana Rao of Visakha Real Estates.

"Instead people are looking at the road towards Vizianagaram after the Y Junction, where the prices are hovering around Rs 5,000-6,000 per square yard. Interested property buyers are now coming from Odisha and Chhattisgarh, apart from various parts of AP itself," he added.

Concurring, T Ravi Shankar of Shriram Properties said, "There is a danger of land acquisition by the government in the capital area, which is causing a confusion among investors there, but that is not the case in Vizag. There has been no sudden jump or dip and prices, even though overall prices have gone up. A lot of projects are also being announced for Vizag and majority of these will happen between Vizag city and Bhogapuram area. With the development of the airport, other necessary infrastructure is also expected come up in these areas, which is driving the purchase in the areas north of Madhurawada."

Meanwhile, a real estate marketing agent, K Prabhakar, said, "Buyers, who are looking at the Vizianagaram area, are not only employees from Vizag city, but also from Hyderabad, who want to buy property here as an investment option."

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