Vishakhapatnam, the 2nd largest city in Andhra Pradesh has been beholding a realty boom that has totally changed its skyline. After major boost in Hyderabad real estate, it is the turn of the city of Vizag to be transformed into a modern realty hub. This beautiful city known as ‘The Jewel of the East Coast’ is on its way to becoming a lucrative investment option for property buyers and investors.
Real estate in Vishakhapatnam is multiplying owing to the huge potential it holds for expansion and development. The industrial city has seen a rise in property prices as more and more companies have started flowing in to establish their operations in East India. From banking to software to BPO companies, all kinds of industries are taking interest in coming to the city which has generated huge demand for commercial property in Vishakhapatnam.
What attracts them the most is the easy availability of skilled manpower, affordable land and good infrastructure in the city. And then continues the prevalent trend i.e. boom in residential realty post commercial prosperity followed by push in retail property. As a city begins developing, large numbers of professionals migrate in search of good job opportunities thereby triggering the higher need for housing.
The high demand and low supply format is primarily responsible for appreciation in realty prices. But in case of Vishakhapatnam real estate, another factor attributing to cost escalation is considered to be the agitation in Telangana.
This is because if a new state is formed, Vizag is expected to become its capital city serving as a propellant for its real estate sector. Such speculation has lifted up the prices of Vishakhapatnam property considerably bringing in a major rush in buying and selling activities. As a result, the entire realty sector- residential, commercial and retail are developing at a fast pace. The demand is so high that property developers are working hard to complete projects on time. Builders today play an extremely significant role in defining the living standards of a place since it is they who create quality structures along with world class facilities offered in and around the area.
Apart from investments from industrial sector, it is observed that NRIs are taking a lot of interest in Vizag realty. During the times of recession, Indian real estate witnessed a slowdown due to which all the major projects were stalled as they involved great sums of money. But now with their resuming and launch of more projects, the realty development in the city is at its best. Let us take a look at the rising property prices in Vizag for apartments and plots across the various zones.
-Broadly speaking, apartments in Vishakhapatnam cost between Rs.2000 to Rs.4200 per square feet. West Vizag has apartments priced at Rs.2,000 to Rs.2,700 /sq. feet while houses in rest of the region can be bought for Rs.2,600 to Rs.4,200 per sq. ft.
-Rented apartments in Vishakhapatnam are available between Rs.7,000 to Rs.15,000 per month. Houses in Central and West Vizag ask for Rs.7,000 to Rs.9,500 per month while those in other areas- East, South and North charge around Rs.10,000 to Rs.15,000 every month.
-Plots in Vishakhapatnam can be bought by paying anywhere between Rs.9,000 to Rs.60,000 per square yard. West and Central Vizag come across as the most affordable of all costing Rs.9,000 to Rs.31,000 / sq. yd. Plots in East, South and North Vizag are available for Rs.30,000 to Rs.60,000 per square yard according to the latest price charts.
Property in Vishakhapatnam is booming and is expected to be one of the most lucrative investment options in the coming times.
Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively. At 99 acres, you can advertise a property, search for a property and browse through Visakhapatnam property and other Properties.
