Vishakhapatnam, the 2nd largest
city in Andhra Pradesh has been beholding a realty boom that has totally
changed its skyline. After major boost in Hyderabad real estate, it is the
turn of the city of Vizag to be transformed into a modern realty hub. This
beautiful city known as 'The Jewel of the East Coast' is on its way to becoming
a lucrative investment option for property buyers and investors.
Real estate in Vishakhapatnam is
multiplying owing to the huge potential it holds for expansion and development.
The industrial city has seen a rise in property prices as more and more
companies have started flowing in to establish their operations in East India.
From banking to software to BPO companies, all kinds of industries are taking
interest in coming to the city which has generated huge demand for commercial property
in Vishakhapatnam. What attracts them the most is the easy availability of
skilled manpower, affordable land and good infrastructure in the city? And then
continues the prevalent trend i.e. boom in residential realty post commercial
prosperity followed by push in retail property. As a city begins developing,
large numbers of professionals migrate in search of good job opportunities
thereby triggering the higher need for housing.
The high demand and low supply
format is primarily responsible for appreciation in realty prices. But in case
of Vishakhapatnam real estate, another factor attributing to cost escalation is
considered to be the agitation in Telangana. This is because if a new state is
formed, Vizag is expected to become its capital city serving as a propellant
for its real estate sector. Such
speculation has lifted up the prices of Vishakhapatnam property considerably
bringing in a major rush in buying and selling activities. As a result, the
entire realty sector- residential, commercial and retail are developing at a
fast pace. The demand is so high that property developers are working hard to
complete projects on time. Builders today play an extremely significant role in
defining the living standards of a place since it is they who create quality
structures along with world class facilities offered in and around the area.
Apart from investments from
industrial sector, it is observed that NRIs are taking a lot of interest in
Vizag realty. During the times of recession, Indian real estate
witnessed a slowdown due to which all the major projects were stalled as they
involved great sums of money. But now with their resuming and launch of more
projects, the realty development in the city is at its best. Let us take a look
at the rising property prices in Vizag for apartments and plots across the
various zones.
-Broadly speaking, apartments in
Vishakhapatnam cost between Rs.2000 to Rs.4200 per square feet. West Vizag has
apartments priced at Rs.2, 000 to Rs.2,700 /sq. feet while houses in rest of
the region can be bought for Rs.2,600 to Rs.4,200 per sq. ft.
-Rented apartments in
Vishakhapatnam are available between Rs.7,000 to Rs.15,000 per month. Houses in
Central and West Vizag ask for Rs.7,000 to Rs.9,500 per month while those in
other areas- East, South and North charge around Rs.10,000 to Rs.15,000 every
month.
-Plots in Vishakhapatnam can be
bought by paying anywhere between Rs.9,000 to Rs.60,000 per square yard. West
and Central Vizag come across as the most affordable of all costing Rs.9,000 to
Rs.31,000 / sq. yd. Plots in East, South and North Vizag are available for
Rs.30,000 to Rs.60,000 per square yard according to the latest price charts.
Property in Vishakhapatnam is
booming and is expected to be one of the most lucrative investment options in
the coming times.
