Demand of luxury villas increases
Visakhapatnam- Many Luxury villa projects are coming up near broad road along the city beach as well as in areas like Madhurawada, Gajuwaka. Such kind of Villas can be seen in areas like Rushikonda.
This idea of villas facing the sea has raised their prices very high even though it is few kilometers far from the city. For example the approximate cost of a luxury villa with amenities like private swimming pools and built-in capsule lifts in the Yandada-Madhurawada region is approximately Rs 3 crore.
President of the Visakhapatnam chapter of Confederation of Real Estate Developer’s Association of India (CREDAI) pointed out the good demand of these villas far from the city as land here is available at cheaper price.
Developers are also offering facilities like private pools, schools, fitness centres, theme parks, clubhouses, huge parking spaces, cctv security coverage. It is assumed that there are many people who prefer exclusive and independent living who want to live in peace and tranquil environment. Moreover prices of land increases faster and more than prices of constructed property like apartments.
The previous prices of villas in Visakhapatnam was around Rs 50 lakh. Now the class of people who prefer these expensive and luxurious villas are mostly NRIs and the business community. These villas are so expensive because the land cost component comprises 60 percent of a total villa cost.
Visakhapatnam is a growing city which will surely shine in future. Its natural beauty and pristine climes are also attracting people to invest there.
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[...] Demand of luxury villas increases [...]