VISAKHAPATNAM: High-rise residential gated communities seem all set to dominate the Vizag skyline as local and national-level builders are coming up with various such projects in the Port City. Already nearly half-a-dozen such projects are under various stages of development and many more are expected to troop in, say realtors.
According to realty sources, Shriram Properties, Lansum Properties, Indiabulls Group and Aditya Construction Company have already launched projects for gated high rise residential communities. At the same time, a few other city-based firms such as MVV Builders and MK Builders, among others, are expected to launch similar high rise residential gated communities in the near future.
"While apartments of around four or five storeys have gained prominence in the city during the last decade, the next five to six years will see a massive increase in the number of buildings with more than 10 storeys," said real estate consultant K Ram Kumar (name change). "A majority of the high rise properties will come up in the Madhurawada area due to the projected growth of the IT sector in the Rushikonda IT Hills," he added.
At present, Shriram Properties, Indiabulls and Aditya Construction Company have projects in and around the Madhurawada area, whereas Lansum Properties has ventures in Madhavadhara and Seethammadhara.
Speaking to TOI, T Ravisankar of Shriram Properties said, "The major advantage for consumers is that they have all kinds of facilities available within the gated community. Whether it is a club house or a shopping mall, medical unit or gyms, most of these are included as part of gated communities. This gives customers the advantage of saving on time as well as staying away from traffic as they have everything they need within their immediate neighbourhood."
Confederation of Real Estate Developers Association of India (Credai) Vizag chapter chairman B Raja Srinivas said several players are expected to come up with high-rise residential gated communities in the near future in the city , "If a builder plans the project effectively, he can provide apartments at a lower price as compared to standalone buildings as the land cost gets distributed among a larger number of people while providing various amenities like club house and swimming pool."
He said several players are expected to come up with high rise residential gated communities in the near future in Vizag.
On the downside, realty agent Mohan Babu said the problem with gated communities is that the maintenance charges are higher as they provide a number of facilities. "So while those from the upper income group gravitate towards gated communities, a majority of buyers from the middle income group prefers individual apartments."