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.