Real estate prices around Visakhapatnam have increased 30-80 per cent over the last few weeks, driven by proposed projects like Smart City, metro rail, tourism hub, Signature Tower and a railway zone.
“People are believing the central and state governments’ promises on developing Vizag, and this is pushing up the real estate prices significantly. In some areas like the VUDA-approved layouts, the prices have increased 100 per cent,” Bollineni Sridhar, managing director of Suvurnaboomi Realestate Developers, told Business Standard.
In Bhogapuram area, which is about 40 km from the city, a well-developed layout was quoting Rs 6,000 per yard four months ago and now this has increased to Rs 10,000 per yard. The place is expected to get an international airport. In normal layouts here, the prices are at Rs 5,000 per square yard as against Rs 3,000 three months ago, he said.
Uppada, which is located close to a beach, has seen prices of plots increase from Rs 5,000-6,000 per square yard to Rs 10,000-12,000 in the last four-five months. Achutapuram surroundings, where major industries are expected to come up including the PCPIR (Petroleum Chemicals and Petrochemicals Investment Region), house sites in VUDA-approved layouts have increased 80 per cent. Though Achutapuram is about 40 km from the Vizag city, developers are quoting Rs 7,000-8,000 per square yard as against Rs 3,000-4,000 a few months ago.
Prices in Madhurawada, which is the most sough-after for residential purpose, have increased by Rs 2,000-3,000 per square yard over the last four weeks. Real estate dealer Appalaraju said the IT special economic zone located here and the recently inaugurated IT start-up village and the proposed IT Signature Tower were attracting enquiries.
In Dhorathota, prices in VUDA-approved layouts have increased by Rs 2,000-3,000 per square yard on the back of the proposed IIM in this area.