Big realty sets sights on Port City
With the US government offering to extend support for turning Vizag into a smart city and the state government planning to make it into an IT hub, realty sources expect many national construction giants to troop in to tap the city's potential
Oct 07, 2014
Source : The Times of India
Smart City

 

HYDERABAD: The Port City's newfound status as Andhra Pradesh's largest city seems to be attracting national realtors to its shores. In fact, if realty industry sources are to be believed, several national players, including the likes of Indiabulls, Emami Realty Apex Group, Aditya Construction Company and NorthStar Apartments, have already charted out a foray with housing projects in the city. So far, the Vizag market has been catered to primarily by local players.

At the same time, Shriram Properties, which has already begun construction on an 80-acre plot, is also planning to launch a mega Presidential Tower project at Madhurawada comprising nearly 15 towers of 20-25 storeys with two units on each floor. According to Shriram Properties senior marketing manager Ravi Shankar, the premium project will comprise duplex and triplex apartments with a built-up area of around 4,000 sqft and 6,000 sqft, respectively.

Sources said that Lansum Estates is also constructing 35-storeyed residential twin towers, which is expected to be the tallest residential complex in Vizag. The project will have 650 flats spread over an area of 4.2 acres in Seethammadhara.

Realty sources said that Indiabulls group is also constructing around 500 flats in Madhurawada over an area of 4.5 acres. Sources added that Aditya Construction Company, which is constructing housing projects comprising around 300 flats at Madhurawada and Rushikonda, is also planning to take up another 400-flat project in Madhurawada. Also, NorthStar Homes, which has various projects in Hyderabad, is taking up the construction of a 150-apartment housing project in MVP Colony.

While market sources indicated that Emami Realty has clinched a deal for 20 acres near Madhurawada, a spokesperson for the firm dismissed it as a rumour. However, the spokesperson said that the company feels Vizag is one of the cities offering a huge potential as it is an industrial base and that the company would consider looking at Vizag if there were suitable opportunities.

With the US government offering to extend support for turning Vizag into a smart city and the state government planning to make it into an IT hub, realty sources expect many other construction giants to troop in to tap the city's potential.

"Vizag is going to be a hub of activity in the next three to five years, with several IT companies slated to set up base in the city thanks to the initiatives being taken by the state government. Moreover, Vizag will also be the financial capital of the new state, so it makes all the more sense for realty houses to tap the market before it becomes too pricey," said a developer.

"The city is also going to gain from the Vizag-Chennai industrial corridor and slowly but surely land prices are set to rise in the coming days. If construction companies are late in seizing the opportunity, it will be very difficult for them to offer competitive prices in the market," said the manager of another construction company.

Latest Realty News

Sector 99 flats sold without licence: RTI
Oct 07, 2014
Investors who have booked flats in a housing project in Gurgaon's Sector 99, have demanded an investigation into what they claim is a "case of cheating"
In dull property market, investors choose financing over flats
Oct 07, 2014
The stagnant real estate market is witnessing a significant shift in stance by investors
BDA drags its feet over plan approval
Oct 07, 2014
The Bhubaneswar Development Authority is taking an average 104 days to approve a building plan compared to the stipulation of maximum 60 days set in the Odisha Right to Public Services Act, 2012
India needs Rs 25,000 crore in the next 20 years for infrastructure: Venkaiah Naidu
Oct 07, 2014
India needs Rs 25,000 crore in the next 20 years for basic urban infrastructure
Rawat wants smart cities in Uttarakhand
Oct 07, 2014
Chief Minister Harish Rawat has asked the Centre to relax the norms and include Uttarakhand in its ambitious project of setting up 100 smart cities across the country
Realty player Amit Enterprises in talks to raise Rs 100-150 crore
Oct 07, 2014
Pune-based real estate developer Amit Enterprises Housing Ltd is in talks with three to four fund houses to raise Rs 100-150 crore
Real estate sector still cool, but building for a boom
Oct 07, 2014
Most realty experts say: Don't expect the sector to turn round soon, especially the residential segment
Activist objecting to skyscraper in coastal zone has right to be heard, says green tribunal
Oct 07, 2014
An upscale residential-cum-commercial skyscraper project in Oshiwara by Windsor Realty suffered a setback with the National Green Tribunal (NGT) recently holding that the activist who questioned the construction without environmental clearance in a coastal zone had a right to be heard by it
Banks do not share RBI's concerns over realty
Oct 07, 2014
Sharp rise in equity, real estate prices raises risk of financial instability in the event of an unanticipated bursting of building equity, real estate bubbles, says RBI
Indian realty space is poised to see investor demand pick up
Oct 07, 2014
Improved buyer sentiment and pent up demand resurfacing would gradually prop absorption of residential properties

Latest Realty News Of State

Realty Talk's