Capital talk catapults realty in Vizag

Noted realty firms are now offering 2-BHK deluxe flats towards Madhurawada at around Rs 40 lakh to Rs 45 lakh per unit

Visakhapatnam: WITH the State Government's decision to shift the capital from Amaravati to Visakhapatnam on a priority and prioritise works on Metro Rail, Godavari water diversion project and construction of Bhogapuram International Airport, the realty sector is witnessing a big boom towards Madhurawada and Thagarapuvalasa on both sides abutting the highway.

"There is unprecedented demand for affordable housing by middle class people as the cost of owning a 2-BHK flat has turned out of reach for many," said B Srinivasa Rao, newly elected Visakhapatnam chapter chairman of Credai.

Pandemic-induced fall in housing loan interest rates to 6 to 7 per cent is another reason for many evincing interest to buy flats towards Madhurawada, Kommadi, Paradesipalem, Boyapalem, Gambheeram, Anandapuram and Tagarapuvalasa. All these areas have easy access to the key locations in the city as well as district headquarters of Vizianagaram and Srikakulam. Bhogapuram, which is projected to become a big commercial hub once the international airport is ready for commercial operation is also nearer to these areas. The government has awarded the airport work under PPP mode to GMR Visakhapatnam International Airport Ltd, part of GMR Group. Presently, Vizianagaram district administration is in the process of acquiring 123 acres owned by a group of farmers.

In an interview to Bizz Buzz, Rao said the future belongs to Bhogapuram, which is just 40 km from Visakhapatnam. It will have improved connectivity once the Beach Road Corridor project gets ready. Chief Minister YS Jagan Mohan Reddy recently directed the officials to launch work on the project immediately.

While a standard flat is sold at not less than Rs 7,000 per sft in posh areas like MVP Colony in the city, in Madhurawada area flats are available at Rs 3,000 to Rs 3,500 per sft depending on amenities. A few builders have also taken up construction of villas and gated communities to cash in on the situation for those who wanted to have a better quality of living in a serene atmosphere on the city outskirts.

Some ventures are coming up towards Gajuwaka, where a lot of industries including Visakhapatnam Steel Plant are located. However, non-availability of land is a big problem here.

Rao said proposals for several flyovers to ease congestion and availability of pollution-free environment and access to good educational institutions are also factors for increase in demand towards Madhurawada. The capital related buildings are also expected to come up towards Madhurawada, Marikavalasa, Rushikonda, Kapuluppada, Bheemili, and Anandapuram.

Visakhapatnam has two world-class ports, headquarters of Eastern Naval Command and key bases for Bhabha Atomic Research Centre (BARC) and nuclear-powered Arihant-class submarines between Rambilli and Atchyutapuram.

A glaring instance of skyrocketing prices of residential and commercial sites in the city is the recent notification by the government to sell APIIC land at Harbour Park, which was earlier allotted to UAE-based LuLu Group, at over Rs 100 crore per acre. He said even noted realty firms are now offering 2-BHK deluxe flats towards Madhurawada at around Rs 40 lakh to Rs 45 lakh per unit.