Realty prices of Vizag rises up on promised projects
The Andhra Pradesh Government is planning projects like metro rail, Smart City, a railways zone, remarkable tower and tourism hub around the Vizag.
The prices of realty and plots around Vizag or Vishakhapatnam is experiencing increased price by 30% to 38% in the last few weeks. The prices have gone up ever since the government has declared advanced projects like metro rail, Signature Tower, Tourism Hub, Smart City and Railway Zone, in and around the city.
The Managing Director of Suvurnabhoomi Real Estate Developers, Bollineni Sridhar says that the prices of real estate in this region have gone up as people have started to plan according to the promises of the state as well as the central government regarding development in Vizag. In places like VUDA, the prices have gone up by 100%!
A proper realty price of Rs. 6000/yard was experienced in Bhogapuram, a city about 40km apart from Vishakhapatnam. But presently, the price has increased to Rs. 10,000 per yard ever since a plan of international airport is proposed in this region.
Uppada, a beach based city has experienced a price rise from Rs. 5000 to Rs 6000 per sq. yard to a sudden leap to Rs. 10,000 to Rs. 12,000 per Sq. yard, in the past four months. Major projects like Petroleum Chemicals and Petro Chemical Investment Region are expected to spring up in the Achutapuram area. The housing plots in VUDA-approved layouts have inflated by 80%. Achutapuram lies 40km apart from Vishakhapatnam still the developers are pricing the plots at Rs. 7000 to Rs 8000 per sq yard whereas, a few months back, the price was around Rs. 3000 to Rs. 4000 sq yard.
The prices have increased in the Madhurawada region as well. This place is the most promising residential environment but in the last four weeks, the realty prices have increased by Rs. 3000 per sq. yard. According to realty estate dealer, Appalarajau, the chief attraction of this place is the IT featured economic belt and of course the IT based village, recently inaugurated. The most salient feature is the development of IT Signature Tower. The prices of VUDA- approved layouts in the Dhorathota region have increased by Rs. 2000 to Rs 3000 per sq yard, due to the proposed idea of a future IIM in this region.
SOURCE: BUSINESS STANDARD
Andhra Pradesh Government, Bhogapuram, housing plots in VUDA, metro rail, Smart City, Suvurnabhoomi Real Estate Developers, Vishakhapatnam
