Vizag realty expected to gain momentum after elections
The city is expected to see a boom in the realty sector due to its inherent strengths and big-ticket projects in the pipeline, say experts
image for illustrative purpose
Visakhapatnam: With the projections that irrespective of the outcome of the upcoming elections, Visakhapatnam will be on a fast-track development due to its inherent strengths and the big ticket projects in the pipeline, the city is expected to get a big fillip in the realty sector in the near future.
Identified as one of the fastest growing city with two big ports including Visakhapatnam Port Authority in government sector and Gangavaram Port in the private sector and beach corridor between the city and Bheemunipatnam and express highway proposed between Bhogapuram and Visakhapatnam, the city is projected as the city of future. It is said to be the ninth richest city in India with a GFP of $43.5 billion.
Key players in realty sector also expect that post-polls, big players including FDI is expected to be pumped into Visakhapatnam and the decision on whether to develop Amaravati or Visakhapatnam as the capital after the elections depending on outcome will not have any impact on the growth projections of the city with a population of nearly 2.5 million.
"If not immediately, the city is bound to witness a boom in the real estates in the coming days due to grounding of big ticket projects like GMR International Airport at Bhogapuram, Adani Data Park, Visakhapatnam-Chennai Industrial Corridor, East Coast Economic Corridor to reduce travelling time between Chhattisgarh capital Raipur. The City of Destiny is bound to witness a significant increase in demand for residential, commercial, retail and office space markets," Rajesh Grandhi, zonal chairman of Confederation of Indian Industry (CII) told Bizz Buzz.
A report released by globally renowned realty services firm Jones Lang LaSalle (JLL) here last year had predicted a big boom for real estate if major logistics projects are implemented with fixed timelines.
Many say the city's growth is expected in IT, defence, pharmaceuticals, seafood exports and food processing industries in addition to tourism and hospitality and medical tourism sectors.
"The work on the greenfield airport is progressing at a rapid pace. We also expect a faster pace in implementation of other projects after the elections," Rajesh, who is also the Managing Director of Integral Trading & Logistics Pvt Ltd, said.
Key economic drivers for growth identified in the JLL report include asset classes including retail, logistics, industrial corridor, data centres, tourism and heritage. JLL observed in the report that over the years, the real estate market in Visakhapatnam is witnessing transformation on all fronts such as housing, infrastructure, offices and retails.
"We expect big business in future with improved connectivity in tourism, logistics industry and realty business such as residential, commercial, retail, hospitality and industrial growth in the largest city of Andhra Pradesh," Yongesh Dhingra, Managing Director & CEO of Smartr Logistics, said.
