IT expansion fuels demand for studio apartments in Visakhapatnam

IT expansion in Visakhapatnam boosts demand for studio apartments, attracting young professionals seeking affordable, convenient living near workplaces.

The landscape of the City of Destiny is changing, and not just in terms of its skyline. A new housing trend, studio apartments, is steadily gaining ground in Visakhapatnam. Driven by the arrival of IT companies and a growing influx of young professionals, these compact, single-room homes are emerging as a preferred choice for urban living.

The demand is expected to rise further as professionals arriving in the city for short-term corporate assignments, apart from single tech professionals, increasingly opt for compact, serviced studio apartments. This has led to the emergence of a distinct housing segment that reflects the city’s changing business and employment landscape.

With major IT companies such as Google, TCS and Infosys setting up large offices along the Madhurawada and Rushikonda IT corridors, the city has witnessed a sharp increase in the number of single professionals and consultants. Many of them are seeking homes that are affordable, easy to maintain and located close to their workplaces.

“I moved from Hyderabad last month,” said Vytla Kiran, a software engineer. “I do not need a big three-bedroom house. A studio apartment suits me well. It is cheaper than staying in a hotel for a long period and offers more privacy than a hostel.”

CREDAI Visakhapatnam, the apex body of real estate developers in the city, has observed that this segment is growing at a faster pace than other housing categories. These apartments are usually rented on a daily or monthly basis and offer convenience and privacy, especially for visiting executives and professionals.

Speaking to The Hindu, CREDAI Visakhapatnam president E. Ashok Kumar said that there are fewer than 50 dedicated studio apartments in the city at present, but the number is expected to rise rapidly. He said young professionals are increasingly moving away from one-bedroom, two-bedroom and three-bedroom flats. “Several developers, including myself, are now shifting focus from traditional family homes to serviced units, which typically range between 400 and 600 square feet,” he said.