Realestate News

Realty registers growth in rural areas

Visakhapatnam: The demand for realty appears to be growing in the rural areas of Visakhapatnam district. While areas under GVMC limits such as Madhurawada are already registering a surge in property registrations, sub-registrar offices at Anakapalli, Chodavaram, K Kotapadu, Narsipatnam and Yelamanchili have witnessed a high number of property registrations during the 2015-16.

In fact areas such as K Kotapadu located about 40 kms north-west of Vizag has witnessed a massive growth rate of 117.25% in property registrations during the April to February 2015-16 as compared to the corresponding period last year. While revenue collections from property registrations were around Rs 2.22 crore in 2014-15, registrations in the current fiscal have crossed a massive Rs 4.82 crore.

According to realtor, K Lakshmikanth, K Kotapadu has become increasingly popular due to its proximity to Kothavalasa and also because of the fact that it connects Chodavaram and Madugula to the port city. “Kothavalasa as of now is almost becoming a part of Vizag and K Kotapadu is attracting many land purchasers.”

At the same time, Yelamanchili and Chodavaram sub-registrar offices have registered a growth of 64.22% and 63.75% during the current fiscal from April to February as compared to the corresponding period last year. Among the 11 sub-registar offices falling under Anakapalli, only demand in Nakkapalli has declined by 32.39%. While Nakkapalli registered revenue collections of Rs 11.57 crore in 2014-15, during the current fiscal it is around Rs 7.82 crore.

Overall, the 11 sub-registrar offices under Anakapalli have registered a growth rate of 31.26% in the current fiscal between April and February. While the revenue collections were Rs 98.16 crore in 2014-15, it has increased to Rs 128.85 crore in the current fiscal.

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