What are the future growth prospects for properties in Visakhapatnam?
The city’s seamless connectivity to other parts of the city along with its developing infrastructure are some of the factors that are helping it. Neighbourhoods like Thagarapuvalasa, Madhurwada and Seethammadhara have already attracted a lot of foreign investment due to the rapid development taking place there. The presence of many IT companies too has played a pivotal role in the growth of the real estate sector. Several localities like Anandpuram, Madhavadhara, Sheela Nagar, Yendada and Gopalaptnam have emerged as realty destinations. The city also boasts of having great social infrastructure, making its future prospects very bright.
Name a few localities that offer affordable housing units?
With the city being on the road to revival, a number of localities in the city are offering many homes that fall under the budget of INR 35 lakhs. With a majority of middle class home owners driving the realty demand, the market has recovered from a lull and is witnessing a relatively high demand. Peripheries like Lalita Nagar, Sheela Nagar, MVP Colony, Yendada, PM Palem and Gajuwaka Jn are becoming sought after neighbourhoods that offer generous living spaces at modest budgets. On an average 2 and 3 BHK apartments in these micro markets are estimated to cost anywhere between INR 2,500 and INR 3,000 per square feet.
Where can one buy residential plots in Visakhapatnam for less than INR 15 lakhs?
Vizag today is the ideal realty destination for many MIGs and while the realty sector is coming into its own slowly, the constant demand has pushed property prices upwards. And after the bifurcation, many investors are now showing a keen interest in investing in properties here. However, if you are looking to buy residential plots in central localities like PM Palem, Kommadi, Sagar Nagar, Chandrampalem and Yendada you might to shell out 30% more when compared to localities in other parts of the city. If you want to buy a larger tract of land then the suburban localities like Balaji Nagar, Kummaripalem, Boyapaelm, Bhogapuram and Anandapuram are the ideal choices. According to current price trends, capital values of plots here are cited to cost anywhere between INR 500 and INR 1,700 per square feet.
Will the upcoming metro project create realty corridors in Visakhapatnam?
The plan to have a proposed metro rail project in Visakhapatnam and Vijayawada has caught the attention of many. The 39 km long line in Vizag will be completed by 2017 according to reports. The 25 km long first phase line starting from Jawaharlal Nehru Bus Station to Penamaluru has already enticed many realty developers to announce their projects along this stretch. The 3 realty corridors that will brim with realty activities due to the metro will be Madhurawada and NAD Junction, the stretch along Thatichetlapalem and Old Post Office and the Gurudwara Junction and the Park Hotel Junction.
Capital values of properties along Madhurawada have already documented an appreciation of 17% in the past one year and the other neighbouring corridors are likely to boom as well.
Nidhi C Thacker for IndiaProperty.com
Image: “Vizag aerial view” by Candeo gauisus at en.wikipedia. Licensed under CC BY-SA 3.0 via Wikimedia Commons – https://commons.wikimedia.org/wiki/File:Vizag_aerial_view.jpg#/media/File:Vizag_aerial_view.jpg