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Vizag real estate bubble bursts: Developers, buyers in despair

When Andhra Pradesh was bifurcated all eyes were on coastal town Visakhapatnam as it’a a tier II city after Hyderabad in terms of development, cost of living, beauty, industries etc. So everyone thought AP Chief Minister Chandrababu Naidu would choose Vizag as the capital of the residuary state. Expecting this, Real estate saw a boom with builders working overtime to ensure luxury homes were in place.  Several upmarket areas in Vizag started being promoted as investment destinations. Sure enough a few NRIs bought the idea too and own houses in the area.

However, after Chandrababu announced that the AP capital city would be between Guntur and Vijayawada, the real estate bubble burst much to the disappointment of developers and buyers. According to a report, several newly constructed buildings in Vizag are either unsold or not earning the expected rent.

Let’s see if there will be an improvement in future.

 

Source By: Thehansindia.com

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