Demand for luxury homes catching up in Vizag
For those, who want to experience opulence like never before, promoters of gated communities and villas promise various options for a luxurious lifestyle
image for illustrative purpose
Visakhapatnam Very often described as ‘Jewel on the East Coast’ and the ‘City of Destiny,’ nestled with verdant hills and picturesque beaches, a glorious history dating back to sixth century BCE, Visakhapatnam, the largest city in Andhra Pradesh, is inching forward to becoming an ideal destination to own dream houses in gated communities.
With space becoming scarce and increase in comfy levels following most youngsters preferring to move abroad in search of greener pastures, the demand for gated communities and villas is slowly increasing. An industrial hub with robust infrastructure and connectivity after establishment of Visakhapatnam Port Authority wayback in 1933 and Hindustan Shipyard Ltd in 1941, the city’s skyline is expected to be dotted with gleaming skyscrapers in future with the State Government declaring its resolve to make Visakhapatnam as the executive capital.
The city can now boast of a population of nearly 2.5 million. It is described as the ninth richest city in India with a GDP of $43.5 billion. “The city is poised to have a bright future as the housing sector is witnessing demand for all sections of people. There is demand for all segments and we have a heavy task ahead to rise to the demand despite steep increase in construction cost,” B Srinivasa Rao, general secretary at Credai AP, told Bizz Buzz. For those who want to experience opulence like never before, promoters of gated communities and villas promise various options for a luxurious lifestyle. Security and world-class amenities like swimming pools, club houses, libraries, shopping complexes and indoor games are being offered.
For super luxury life, high-end residential and community villas are coming up at Kapuluppada by Augmented Realty. The first phase is developed in an area of 11 acres and expected to be handed over by April, 2024. It offers well-designed villas for elite lifestyles. It is promoted by YS Raeendranath Reddy, YS Ragadeep Reddy and YS Madhur Reddy.
Santosh Reddy, who looks after sales and marketing, said in all, in the first phase there will be 62 villas measuring 4,000 sft to 7,435 sft in the price range of Rs3.2 crore to Rs6.4 crore depending on the amenities. The Oxygen Towers by Lansum Enterprises at Seethammadhara in the heart of the city, has turned into a new landmark as it is the tallest building of Andhra Pradesh. It stands elegantly 145 meters above sea level with 35 floors offering a luxurious lifestyle. The latest trend is that the growth is spreading towards Yendada, Madhurawada, Kommadi, Paradesipalem and Rushikonda located close to the highway, beach road and GITAM University. The launching of work on Bhogapuram International Airport by GMR Group is expected to further give rise to growth towards the airport and Kapulappada where Adani Group is investing over Rs20,000 crore on data park, business park and other facilities.
“We took up the construction of the 25-floor towers three years ago. We now have plans to take up construction of 12 towers, each with 15 floors in the range of 1,000 to 15,000 sft and complete it in five years near Ozone Valley to cater to the needs of the middle class,” Ramakrishna Rao, co-founder of MK Builders, told Bizz Buzz. He said the demand for high-end apartments and villas will pick up in Visakhapatnam once the purchase power goes up and people move from other places to settle down in the city.
AV Monish Row, director of Simplex Infrastructures, the city’s first FDI project named Celest in Gajuwaka area, said there is heavy demand for middle class apartments in gated communities in the range of Rs5,000 to Rs6,000 per sft and the purchase power of people has to go up for appreciation in the demand for high-end ventures.
