Vizag, more popularly known as Vishakapatnam, is traditionally known as a port city in Andhra Pradesh. The second largest city in AP, Vizag is often called the “The Jewel of the East Coast” and the “City of Destiny”.
The Telangana movement took its toll on the real estate demand in the state. Not only had construction slowed down, but investors continued to sit on the fence waiting for the formation of a stable government at the state and central level.
However, with the dust settled on the bifurcation issue and the elections, the real estate demand in Vizag is now ready to soar.
Assocham president Rana Kapoor in a recent interview said. “The two new states will flourish. Vizag being an important port city along with a well laid-out railway network will make the area a very attractive business proposition since the new investments will be eligible for a tax holiday.”
Today, Vizag has all the qualities to become the financial capital, IT hub, cinema centre and tourism centre of Andhra Pradesh. Besides Hyderabad, it is the only city with two ports, an international airport as well as good railway connectivity. Over the past few years Vizag has already established itself as a strong IT hub with the government planning an IT incubation centre, and an ITIR spread over 12,000 acres. Besides this Vizag is also considered a hub for education with many state-run schools, private institutions, missionary schools and colleges. Plans are also afoot to set up an IIT in the city. With a well-developed retail and hospitality sector, Vizag is witnessing unprecedented growth. The city has a good cosmopolitan crowd, with a mix of all communities and hence is considered a good option by the migrant community as well.
With the economic aspects well taken care of, and the stability of political governance, Vizag is expected to see growth in the residential realty sectors from both Indians as well as NRIs.
Popular localities in Vizag such as Lawson’s Bay Colony, MVP Colony and Beach Colony have always attracted buyers. Similarly the coastal areas have always been the most sought after locations, but due to scarcity of land, today the localities on the outskirts of the city are witnessing demand. Neighbourhoods such as Muralinagar, PM Palem, Yendada, Sheela Nagar, Gajuwaka and Visalakshinagar have seen a lot of buyer interest in the past few months. This can also be attributed to the affordability factor of these localities that has spurred the development of new housing projects.
Additionally the growing NRI interest in luxury villas and apartments in Vizag are also adding to the growing real estate prices here. Even commercial space is advancing with the setting up of large number of IT/ITES companies, malls, shopping complexes in the city.
Vizag is a promising realty destination and together with all of the above factors, it is set to witness unprecedented growth, spurring a demand for housing as well.
Lakshmi Datta Arun for IndiaProperty.com