VISAKHAPATNAM:Waking up from a long spell of dullness, the real estate market in Vizag city showed clear signs of recovery with the Stamps and Registrations department recording a growth rate of 81 per cent in revenue till Jan this year against the 56 per cent growth rate for the corresponding period during last financial year (CPLY). The office of the district registrar realised Rs 283 crore in terms of registration fee and various taxes against the target of Rs 348 crore as on Jan 31 for the current fiscal.
The real estate market in Vizag hit rock bottom during the past couple of years due to agitations against state bifurcation, followed by elections and other uncertainties in the state, leaving investors hesitant to purchase plots and flats in Vizag and other parts of the state. However, the improvement of the political atmosphere and a stable administration now, coupled with the hype over the development of the Port City into a smart city helped in the revival of the market.
“The enquiries are translating into real transactions and registrations, after the focus shifted from Hyderabad to Vizag after bifurcation. Thus, we have witnessed growth in the registrations at all the eight sub-registrar offices that comprise Visakhapatnam registration district covering the city and the neighbouring areas in 2014-15,” said the officials at the District Registrar Office.
The annual target for the eight registration offices constituting Visakhapatnam registration district is Rs 435.1 crore and the revenue collection till January 31 is Rs 348 crore. Of this, the officials could realise the revenue of Rs 283 crore recording a growth rate of 81 per cent as against 56 per cent CPLY. Even when compared to the annual revenue target, the revenue realised so far forms 65 per cent of the annual target.
Realtors point out that areas like Madhurawada, Bheemili, Anandapuram and Pendurthy continue to attract the maximum attention of the investors. “The market is really picking up and serious buyers are purchasing properties. We are expecting a steep growth in the city and peripheral areas during the next six to eight months,” said B Raja Srinivas, chairman of CREDAI Visakhapatnam unit.