Rising demand peps up realty spirits

With rich farmers from East Godavari district and those looking for alternatives to Hyderabad evincing keen interest, market in Vizag is looking up. Now with rich farmers from the neighbouring East Godavari district and those looking for alternatives to Hyderabad evincing keen interest, the market is looking up.

September 10, 2014 08:33 pm | Updated November 16, 2021 09:33 pm IST - VISAKHAPATNAM:

Notwithstanding the voices of dissent over ignoring the claims of Visakhapatnam, the biggest city in the State post-bifurcation, for capital, realty sector seems to be coming into its own putting behind itself a prolonged, sluggish phase.

The announcement of setting up of Central institutions as a part of the A P Reorganisation Act and fillip to the Information Technology sector appear to have worked as a catalyst in propelling the stagnant market.

Renewed investment interest across the spectrum has brought cheer to real estate sector. “This month, though said to be inauspicious, has been extremely good,” gushed a prominent builder with interests in flats as well as plots.

What augurs well, to begin with, is improvement of business prospects in the up-market Madhurawada area. The pollution-free area with National Highway running by has seen unprecedented growth over the last few years. As a result, the supply far exceeded the demand leaving realtors with unsold stock (of housing units).

Now with rich farmers from the neighbouring East Godavari district and those looking for alternatives to Hyderabad evincing keen interest, the market is looking up.

“Now there has been a good demand for these units and if the present momentum continues in the next two months the stock will be exhausted leaving the market open for new ventures,” says K. Subba Raju, Chairman of Andhra Pradesh Chapter of Confederation of Real Estate Developers’ Associations of India.

Long-term real estate players also attribute the growing interest in properties in Visakhapatnam, particularly beyond the regulation, two-bhk, need-based flats, to the emergence of the city as a lifestyle destination.

Demand for bigger chunks of lands, especially from NRIs, ranging from five acres to 20 acres for development of corporate schools and colleges as well as for real estate is also growing, say sources.

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