Realestate News

Malls, multiplexes missing in Madhurawada

Malls and shopping complexes development in Madhurawada located in vizag news image

Visakhapatnam: Even though Madhurawada is growing rapidly as a residential suburb in the port city, growth of commercial facilities whether it be malls, shopping complexes or multiplexes are yet to take off in the area.

Residents of Madhurawada, PM Palem, Kommadi, Midhalapuri, Pothanamallayyapalem among others in the residential suburb located about 15 kms away from the RTC Complex have to head back to the core city area for their share of entertainment or to frequent malls or multiplexes.

According to realty sources, denial of permission to developers to convert residential property into commercial property and the lower rentals prevailing in the area are the key reasons for the lack of commercial activity in the Madhurawada suburb.

“Many of the developers had taken up building of residential apartments during earlier times and when they had submitted the building plan, it was for residential buildings. However, now things have changed and a lot of people are moving into the Madhurawada suburb due to which there is growing activity. But, people who want to convert residential spaces into commercial space are not being given permission as there is no provision for this under the GVMC rules,” observed a builder from the city.

“The site cost is quite high in Madhurawada and most of the development that is going on there is through a joint development agreement wherein the builder and land owner share the flats. The cost of developing a commercial property with the current rentals appears to be unviable due to which nobody is taking the risk,” observed another builder, who has built residential apartments in Madhurawada. He said, “The rentals in the core city area are remarkably higher than what will be available in Madhurawada. However, as the population is increasing quite drastically during the last few years, we may expect some commercial malls in the next couple of years.”

Meanwhile, residents are complaining that it is time for some areas to be earmarked specifically for commercial activity instead of shops coming up in residential areas. “If we want to watch a movie, we have to come all the way to either Maddilapalem or Jagadamba. Similar is the case for shopping, except that we can go to MVP Colony, which is a bit closer,” observed M Srinivasa Rao of Madhurawada. He said, “Also, no medical facilities or hospitals are anywhere in the vicinity. We either have to come to the newly-developing Arilova, which is 7 to 8 kms, or again have to head to Maharanipeta, which is about 15 kms. “