Thailand rates hit Visakhapatnam realty
Apart from tourism, Thailand has become a new destination for Vizagites to invest in real estate
Dec 27, 2014
Source : Deccan Chronicle


Visakhapatnam: Due to skyrocketing property prices, less returns and lower appreciation, many people these days prefer to buy flats in Thailand rather in areas like Madhurawada, which is touted as “New Vizag”.
There are more than 5,000 flats lying unsold since two years in a cluster between Sagar Nagar and Kommadi, but Vizagites prefer to invest in cities like Pattaya and Bangkok in Thailand.
Apart from tourism, Thailand has become a new destination for Vizagites to invest in real estate. Easy returns due to high rentals in Thailand and better appreciation in that country over other Asian countries are prompting locals to buy flats there.
A 340 sq. ft in Pattaya costs Rs 30-40 lakh, which is enough to buy a 1,500 sq. ft flat in Vizag. However, the rentals in Thailand are at least three times more.
Due to the tourist inflow, rent from a property in Thailand that costs around Rs 30 lakh is around Rs 30,000 per month. Most of these flats come with plush interiors and ultra modern facilities.
An apartment venture in Pattaya by a Vizag builder evoked good response among locals. Most of the flats were bought by Vizagites. 
“With the same money I get a smaller flat in Thailand, but the monthly returns are more when compared to the local market. The appreciation on property is also good in Thailand. I have visited Thailand so many times until now as a tourist and from now it will be a business trip for me apart from pleasure,” said a businessman from Vizag who wished not to be named.
Optimum utilisation of space, trade treaty, low construction costs are prompting Vizag builders to eye the Thailand market.

Latest Realty News

Probe into Madan Mitra’s realty ‘links’
Dec 27, 2014
KOLKATA: A G+10 residential complex in Dum Dum has come under the scanner of both the Enforcement Directorate (ED) and CBI
'Centre mulls online building clearances'
Dec 26, 2014
VISAKHAPATNAM: The central government is planning to introduce the system of online building clearances for the benefit of developers
3 smart cities may ease pressure off Bengaluru
Dec 26, 2014
BENGALURU: The IT capital of India missed its chance to be part of Prime Minister Narendra Modi's 100 smart cities project
Housing, transport key to new CM’s city revamp plan
Dec 26, 2014
MUMBAI: Housing and transport reforms for Mumbaikars and ensuring political stability topped the agenda of the Devendra Fadnavis-led government
Security China eyes Pune for smart city projects
Dec 26, 2014
Pune: Chinese Government Officials visited Pune to explore opportunities to collaborate on the Smart City project
Largest-ever housing scheme, ghost employees keep DDA in news
Dec 26, 2014
NEW DELHI: A largest-ever housing scheme in its history offering over 25,000 flats across categories and a curious case of "ghost employees" on its roster kept DDA in news in 2014
Credai calls for reforms in realty sector in New Year
Dec 26, 2014
MUMBAI: Government needs to introduce new reforms and ensure their prompt implementation to revive the real estate sector, industry body Credai said
Best time to buy a house in Delhi as property prices see 30 per cent fall
Dec 26, 2014
NEW DELHI: If you are looking to buy a house in Delhi this could be the best time
Decision on Land Pooling in Jan 2015: M. V. Rajeshwara Rao, CEO, CREDAI HYD
Dec 26, 2014
Hyderabad: CREDAI Hyderabad is organizing a Workshop in the first week of January 2015 to find Land Pooling Solutions
Premium paid by developers in Affordable Housing category should be brought down: Mr Sunil Mantri
Dec 25, 2014
Mumbai: Union Government should reduce the premium paid by developers in case of affordable housing, to address the urgency in meeting the shortfall in the Category, besides, thrust on PPP projects

Latest Realty News Of State

Realty Talk's