Vizianagaram real estate poised for good growth, say CREDAI members

With its proximity to Visakhapatnam city and the upcoming Bhogapuram airport, buyers from other districts are showing interest in properties here, they say

November 27, 2023 07:43 pm | Updated 09:58 pm IST - VIZIANAGARAM

Prospective buyers visiting stalls set up at the three-day CREDAI property show organised in Vizianagaram, on Monday.

Prospective buyers visiting stalls set up at the three-day CREDAI property show organised in Vizianagaram, on Monday. | Photo Credit: SPECIAL ARRANGEMENT

With its proximity to Visakhapatnam city and the upcoming Bhogapuram airport, real estate in Vizianagaram is poised for good growth, say the representatives of the Confederation of Real Estate Developers Association of India (CREDAI).

A three-day mega property show organised by CREDAI in Vizianagaram, was launched on Sunday and saw many prospective buyers from Visakhapatnam, as expected by the association. The show would conclude on Tuesday (November 28)

CREDAI-Vizianagaram chapter’s vice-president and Vijayasree Infra promoter R.A.N. Murthy said, “Property rates are always reasonable in Vizianagaram compared to Visakhapatnam. A 1,000-square-foot apartment is available between ₹35 lakh to ₹45 lakh, depending on the location and facilities. It is almost a ₹15 lakh discount compared to the property rates at Tagarapuvalasa, Madhurawada and other places. It is one of the reasons for the good response to the ongoing property show,” said Mr. Murthy.

“Many people with double income sources are also keen to buy a second apartment as part of their long-term investment plans. Mostly officials and employees are interested in owning new properties with the availability of home loans at affordable interests, which are currently at 8.4 percent per annum,” he said.

Mr. Murthy added that the prospective buyers were keen to buy flats rather than plots as the apartments would ensure rental income continuously for them. CREDAI executive body member Siva Narayana Rao said that the availability of the best hospitals, schools, multi-plex theatres and other advantages made the buyers from other districts purchase apartments and villas in Vizianagaram, which is hardly 50 km from Visakhapatnam. State Bank of India and ICICI representatives expressed happiness over the good response from prospective buyers at the CREDAI property show.

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