Realty transactions in and around proposed Bhogapuram international airport came down significantly with the lack of interest among the property buyers, thanks to skyrocketing prices and latest political developments.
Many realty companies have come with many ventures with attractive names to make a fast buck by projecting huge growth in the vicinity of Bhogapuram airport area. A square yard cost touched even ₹15,000 after the government took steps for the completion of land acquisition for the airport. Its strategic location between Srikakulam and Visakhapatnam national highway has also helped in creation of demand for lands at proposed airport.
Land rates have gone up between Vizianagaram-Denkada-Bhogapuram route, Vizianagaram-Dharmapuri-Bhogapuram route and Natavalasa-Vizianagaram route.
One could find more than 50 ventures in those routes. However, the euphoria has gone with the sudden political developments and resignation of Union Minister for Civil Aviation P.Ashok Gajapati Raju who represents Vizianagaram Parliamentary Constituency.
Drop in demand
The market which was already dull was hit further with his resignation. Many realtors feared that the project would not take off as planned since Mr.Ashok Gajapathi was not at the helm of affairs. According to officials of Stamps and Registration Department, Bhogapuram Sub Registrar office could generate only ₹18.62 crore revenue as against target of ₹30.23 crore in the financial year 2017-18. The achievement was only 61.61%, indicating the drop in demand for the lands. “Many realtors stopped their plans for new ventures at proposed international airport as it would take many years for its completion. The drop in demand is also one of the main reasons to shelve new projects,” said a realtor.
AP Stamps and Registration Department officials told The Hindu that the the many registrations with regard to Bhogapuram area are being done in Visakhapatnam also with anywhere registration facility. “It could be one of the reasons for fall in revenue collection. We are trying to collect data from other areas to know the exact figures,” said a senior official.
The situation is not encouraging in Vizianagaram town and other parts of the district also. The department could generate ₹41.30 crore as against the target of ₹51.11 crore in Vizianagaram. The achievement was only ₹23.30 crore as against the target of ₹28.01 crore in Vizianagaram West.
The overall revenue generation was only ₹162.69 crore as against the target of ₹203.89 crore in entire Vizianagaram district. However, the situation is relatively good in Srikakulam district where the department received ₹115.46 crore although the target was only ₹111.30 crore.
