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Varsity push to realty in Sabbavaram

Visakhapatnam: Real estate prices have gone through the roof in and around Sabbavaram as the mandal headquarters is expected to house at least three universities in the next few years. According to realty sources, real estate prices have almost doubled in the last one year following the announcement of establishment of several universities in the mandal.
Located about 32 kilometres from the RTC Complex, universities including the Damodaram Sanjivayya Law University, Tribal University, Indian Maritime University and Petroleum University are likely to be the mainstay of the mandal, which until now was mainly dependent on agriculture.
Realty sources said that plots abutting the Anakapalle-Anandapuram road are now selling at around Rs 9700-10000 per square yard whereas the asking price was around Rs 5000-6000 per square yard just one year ago.
At the same time, plot prices one kilometre away from the Anakapalle-Anandapuram road have touched around Rs 5600-5700 per square yard, whereas last year, they were hovering around Rs 3000-Rs 3200 per square yard, realty sources said.
Speaking to TOI, B Narayan Rao of Visakha Real Estates said, “Even until 2013, the prices were very low. But after 2014, the announcements for universities came up following which the demand has increased and rates have also gone up.” Further, he said, “The first priority for people purchasing land is around Bhogapuram road, followed by Kothavalasa road and then Sabbavaram. People are purchasing properties mainly due to the proposed universities.”

At the same time, another realtor Laxmi Narasimham said, “Earlier, one acre of land was available for around Rs 50-60 lakh, but now it is close to Rs 1.5 to Rs 1.6 crore along the Anakapalle-Anandapuram road. Even people selling bulk lands have realised that its value will increase further in the coming years, so they are not willing to settle for anything else.”
Also, Narasimham said that adding to the value is a proposed six-lane road to the area, which is attracting buyers to the place. “Naturally, when educational institutions come up, there will be demand for housing from students, faculty and various other people, so people are hoping that it will give them a good return on investment,” he added.
“About four or five years ago, many of my friends had suggested that I should purchase a plot here as the prices were as low as Rs 1000 or Rs 1500 per square yard. Subsequently, one of my relatives had purchased a 1000 square yard plot and we had laughed at her saying why you want to buy land so far away, when you can buy somewhere closer to the city. Looking at the current rates, my relative is having the last laugh,” said Srinivas Murthy (name changed), who eventually purchased a flat near PM Palem.
Source By: http://timesofindia.indiatimes.com/