Realestate News

Anandapuram-Tagarapuvalasa stretch witnesses surge in property prices

Visakhapatnam: Property prices off the National Highway-16 between Anandapuram and Tagarapuvalasa, located about 40-50 kms north of the port city, are spiralling upwards during the last six months. According to realty sources, rates of land parcels in this stretch are currently pegged at around Rs 3.5-4 crore per acre as against Rs 1.5 to 2 crore per acre just one year ago.

At the same time, the land prices have reached between Rs 1.5 crore to Rs 1.8 crore on the Y Junction (near Rajapulova)-Vizianagaram road as against Rs 1 crore per acre during the last year. Similarly, the Y Junction-Bhogapuram stretch is now priced between Rs 1.2 to Rs 1.5 crore per acre as against Rs 90 lakh to Rs 1 crore early last year.

According to sources, the area between Vizianagaram and Police Battalion zone, which will be directly connected to Bhogapuram International Airport is now selling at around Rs 3-4 crore per acre on the main as against around Rs 1.5-2 crore last year.

The surge in prices is attributed to the growing demand for plots in the area due to various proposed projects such as six-lane road work between Anandapuram and Anakapalli and also four-laning of the Vizianagaram. Also, as many as four international educational schools and the Indian Institute of Management (IIM) campus at Gambheeram apart from the Bhogapuram International Airport are said to be the reasons for the spiralling prices.

Speaking to TOI, B Narayan Rao of Visakha Real Estate said, “Availability of land on these stretches are less – especially when it comes to property close to the national highway. Also, majority of the educational institutions are coming up in this area due to which the prices have increased.” He said plot prices are ranging from Rs 15,000 to Rs 20,000 per square yard in Anandapuram-Tagarapuvalasa stretch, whereas it is available in the range of Rs 6,000 to Rs 15,000 on the Y-Junction (near Rajapulova)-Vizianagaram road depending on the proximity to the highway.
Zia Ul Haq, another marketing professional, said even farmers or those with land holdings in the area have realized that the property prices are increasing and there is a lot of interest from buyers due to which they have also hiked the bulk land prices.
“About two-and-half years ago just before the bifurcation of the state, land prices in these stretches were available for around Rs 50 lakh to Rs 80 lakh per acre. This has nearly tripled or quadrupled now,” opined a realtor from Dwarakanagar adding that property registrations in Anandapuram have raked in more than Rs 30 crore for the registrations and stamps department in the previous fiscal.