Vizag should be ideal capital for Seemandhra: Credai
Visakhapatnam is well suited to be the capital city for the residual Andhra Pradesh, presented with a natural harbour, long seafront and cosmopolitan flair, said C Shekar Reddy, national president of the Confederation of Real Estate Developers’ Associations of India (Credai).
He informed mediapersons, “Going by the global experience, cities facing waterfront have flourished economically in a big way. Vizag, with its growing IT and ITeS industry and pharma base, coupled with low-cost labour, has the charm to attract the attention of global investors.”
He said the city could tap into the areas of Vizianagaram district to meet the needs of the Seemandhra capital through its enough land bank. The headquarters of Eastern Naval Command, Visakhapatnam, is in the race for the new capital of residual AP together with Guntur-Vijayawada region, Tirupati, Ongole among others.
Reddy alleged Vizag scored next to Hyderabad in total residential plots sold annually. Vizag sold 4,000 units, as against the average 30,000 residential units absorbed every year in Hyderabad. Though the demand in Vijayawada was around 2,000 units, among the Tier-II locations, it is 200-400 a year in Guntur and Tirupati.
Reddy added, after Hyderabad, Vizag is the most-preferred destination in the united AP amongst the non-resident Indian community for acquiring properties.
At the inauguration of the three-day Credai property, Reddy said, from the current levels the residential property rates here would move higher tracking the demand improvement across the country.
Source: Business Standard
Andhra Pradesh, C Shekar Reddy, Confederation of Real Estate Developers' Associations of India, Eastern Naval Command, Guntur-Vijayawada region, Hyderabad, IT and ITeS industry, Ongole, pharma base, Seemandhra, Tirupati, Visakhapatnam, Vizianagaram
