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."

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