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Visakhapatnam land prices go up
With two global events –Partnership Summit and International Fleet Review which brought thousands of delegates both from within India and abroad and the Smart City tag, the city realtors have jacked up prices for both house plots and residential flats in and around city.
Visakhapatnam: With two global events –Partnership Summit and International Fleet Review which brought thousands of delegates both from within India and abroad and the Smart City tag, the city realtors have jacked up prices for both house plots and residential flats in and around city.
The prices went up in 2011 and came down crashing in 2013 as the city did not witness much development. The industries have been doing badly and the rise in migration of people from different parts of the state squeezed the infrastructure facilities.
Realtors hopes went up after the city emerged as the biggest city in the state after bifurcation. Many felt the city would become commercial capital of the young state and there were even speculations that people would sell their property in Hyderabad and move to Visakhapatnam.
Nothing of the sort happened. Chief Minister N Chandrababu Naidu’s oft repeated statements that the city would become hub of commercial activities in South Asia through port led development did not cut much ice with the buyers or property sellers.
Secondly, his dream projects like Signature Tower having two lakh square feet exclusively for IT and IT related services remained a non- starter. However, two global events- Partnership Summit and International Flee t Review and winning of Smart City challenge has renewed interest among the people to go for purchasing property.
“There is a marginal increase in the prices as inquiries have been pouring ever since the city shot into limelight.” “ But so far no registrations have taken place with the hiked prices,” said a real estate agent G Bhaskara Rao.
On inquiry, it was found that the flats which were earlier quoted at Rs 2,500 per sft are now being offered at Rs 3, 500 during last one month on the outskirts of the city in Madhuravada where much of the IT industries are proposed and many are operating since the last 10 years.
Similarly the developers have jacked up their prices by Rs 1,000 to Rs 2,000 in posh areas like Seethammadhara, East Point Colony, Dasapalla Hills and MVP Colony. On the other side, more than 1500 flats built three years ago at Kommadi close to Madhuravada are yet to be sold. The developers are still offering the double-bed rooms for Rs 18 lakh if the down payment is made.
Chief city planner B Venkataratnam said that the prices will shoot up proportionately as per the number of inquiries. “Prices will definitely shoot up after two years as many Central educational institutions are coming up here and after commissioning of Metro Rail and other infrastructure facilities,” he added. He also said under the Smart City project, many basic facilities like transport, power and water supply would improve which could jack up the prices in the future.
