City’s realty still attracting buyers
The promise of the city being transformed into a 'Smart City' along with a slew of development projects continuing to attract investments into the city
Nov 03, 2014
Source : The Times of India
Real Estate


VISAKHAPATNAM: Despite Cyclone Hudhud causing widespread destruction in the Port City, realtors said prices of plots have remained stable and sales have begun picking up in the past week after a temporary lull.

Sources said even though the city was directly hit by the cyclonic storm, the promise of the city being transformed into a 'Smart City' along with a slew of development projects such as the much-hyped metro project and plans to turn Vizag into an IT destination is continuing to attract investments into the city.

"There has been no impact on the realty sector post Cyclone Hudhud. While the first two weeks after the cyclone witnessed no transactions as people were busy sorting out their personal damages, the realty demand has picked up from where it stopped. The prices of plots have remained stable," said city-based realtor K S Narayana.

Pointing out that big realty players were still keen on development projects in the city, he said pharma and IT sectors in Vizag were driving demand in and around the city.

Another marketing executive of a real estate firm, T Ravindra claimed they were able to sell nearly 50 plots between Wednesday and Saturday even after the cyclone. "The rates have remained the same and in fact are likely to increase in the coming days," he said.

Realty estate agent P Narayana too said, "We have been getting a good number of enquiries for plots in the last few days. There was no registration for 10 days due to connectivity and power issues immediately after the cyclone. But now that those have been sorted, people are coming forward to purchase plots."

Elaborating on the developments, another real estate agent said, "Usually the real estate firms take a token amount to book the plot and then about 30-40% of the plot value is taken in the second installment after a month or so. Subsequently, once the real estate developer gets the layout permission (LP) number from Vuda, the remaining amount is taken from the investors. There are people still booking plots even though LP number is yet to be issued."

"Many of the people, who had expressed interest prior to the cyclone, have asked for more time to make payments but are not willing to let go of the land. A majority of the people are convinced that the city will continue to grow despite the recent calamity."

Latest Realty News

Govt land details on official portal soon
Nov 03, 2014
HYDERABAD: The Hyderabad district administration will soon upload details of government land located in 16 mandals on its portal:
Govt to acquire over 30,000 acres for capital
Nov 03, 2014
GUNTUR: AP agriculture minister Prattipati Pulla Rao did not rule out the possibility of acquiring more than the proposed 30,000 acres land for the construction of capital city
Higher property prices swell ranks of Asia Pacific HNWIs
Nov 03, 2014
Asia Pacific will soon have more high-net-worth individuals (HNWIs) than North America with their investment in real estate being a key factor increasing their wealth
Milestone Capital Advisors exits Godrej Properties Kolkata project for Rs 200 crore
Nov 03, 2014
MUMBAI: Real estate private equity firm Milestone Capital Advisors has sold its entire stake in Godrej Properties residential project Godrej Prakriti in Kolkata for Rs 200 crore
Revised OAO Act’ to provide respite for Flat owners
Nov 03, 2014
Bhubaneswar: In a breather to the thousands of lakhs of flat / apartment owners in the State, Odisha Government has proposed amendment to the age-old Odisha Apartment Ownership [OAO] Act, 1982
Realty boom eating into other sectors?
Nov 03, 2014
Vijaywada: This year’s Deepavali was perhaps one of the dullest festivals for many traders mostly attributed to the boom in real estate sector
PE Investment in Realty Sector Jumps Two-fold to Rs 8,900 cr
Nov 03, 2014
BANGALORE:Private Equity funding into the sector saw a two-fold jump at Rs 8,900 crore till September this year
Realty check: Kolkata to have lowest housing demand
Nov 03, 2014
KOLKATA: The city is likely to witness a slow off-take of residential units despite the state government's efforts to give a push to the sector
Odisha cabinet approves land grab ordinance proposal
Nov 03, 2014
Bhubaneswar: The Odisha cabinet approved the proposal to issue an ordinance to prevent land grab in the state
Law will take own course on Vadra: Haryana CM
Nov 03, 2014
Chandigarh: Haryana Chief Minister Manohar Lal Khattar said that law will take its own course in the controversial land deals of Robert Vadra, son-in-law of Congress president Sonia Gandhi

Latest Realty News Of State

Realty Talk's