Andhra Pradesh

Vizianagaram realtors savour sudden limelight

Real estate developers at a venture near Pinatadivada on the outskirts of Vizianagaram.

Real estate developers at a venture near Pinatadivada on the outskirts of Vizianagaram.  

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Bull run will continue if govt. carries forward the momentum, they say

Vizianagaram district has been witnessing a steady stream of visitors, mainly realtors, investors and industrialists from Hyderabad, Vijayawada, Nellore and other places following indications from the YSRCP government that Visakhapatnam would be made the Executive capital.

Almost all realty ventures, mango groves and agriculture fields are wearing a ‘festive’ look with the arrival of prospective buyers. Land prices are reasonable and that is driving the demand, realty watchers say.

In Visakhataptnam, the prices are between ₹15,000 and ₹30,000 per square yard in areas such Anandapuram and PM Palem, but in Vizianagaram limits they are in the ₹10,000-16,000 range depending on the area and approvals from the Visakhapatnam Metropolitan Region Development Authority. Realtors are expecting at least 20 % upward revision of prices in view of the likely decision on the Executive capital.

There have been few takers for land in the Vizianagaram-Pinatadivada-Natavalasa and Bhogapuram areas in the last 10 years despite several ventures coming up and consequently, construction activity has been negligible. But suddenly, the situation has changed in these parts.

‘Airport a major growth driver’

“The realty business has got the required impetus. We hope the momentum continues for the next couple of years with the construction of proposed the international airport at Bhogapuram too,”said Kayala Venkata Reddy, chairman of KVR Group.

“Realty growth will sustain only when rapid industrialisation takes place in the region. Construction activity will improve only when employment opportunities are created,”Vasant Vihar Group Chairman Valluri Jayaprakash Babu and Managing Director Valluri Vasant Babu told The Hindu.

CREDAI-Srikakulam chairman Gurugubelli Raju feels that the Visakhapatnam-Srikakulam stretch will attract more investments only if there is consistency in government policies.

“Industrialists always invest with long-term planning. Therefore, the government should gain their confidence,” said Mr.Raju. Many new industries would come up on the Etcherla-Pydibhimavaram-Bhogapuram stretch if the government came up with a concrete development plan for entire the North Andhra region, he added.

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Printable version | Jan 28, 2020 2:17:45 PM | https://www.thehindu.com/news/national/andhra-pradesh/vizianagaram-realtorssavour-sudden-limelight/article30397736.ece

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