Realty sector has bright future in Vizianagaram in 2023 says CREDAI State General Secretary
The Hindu
He said that at least 25% growth was expected in the Fort City with the positive signs for the realty sector
Confederation of Real Estate Developers Association of India-AP chapter State General Secretary K. Subhash Chandra Bose said that the realty sector would grow quickly in Vizinagaram and surrounding areas in the Year-2023 with the government’s initiatives in developing Bhopgapuram international airport and other developmental activities being taken up in Vizianagaram-Visakhapatnam stretch.
He said that at least 25% growth was expected in the Fort City with the positive signs for the realty sector.
Mr. Subhash said that many people of Visakhapatnam were buying flats in Vizianagaram where the property prices were relatively less compared to Visakhapatnam.
“The prices have gone up steeply in Visakhapatnam in the last couple of years. Each flat costs around ₹60 to ₹75 lakh even in the outskirts of Visakhapatnam. So, many home buyers are investing in Vizianagaram with the availability of luxury flats at around ₹40 to ₹50 lakh. As the journey time is hardly one hour between Visakhapatnam and Vizinaagaram, many employees are also buying their dream homes in the Fort City. The property buying in Vizianagaram is relatively easier for them as their income matches with the home loan requirement,” said Mr. Bose
“Fortunately, Vizianagaram has the best civic infrastructure such as corporate school, multiplex theaters, super-speciality hospitals. All these factors are going to help realty sector in the City which is growing towards Visakhapatnam,” he added.
He hoped that more builders would take up new projects after the beginning of the construction of Bhogapuram international airport.
“Fortunately, the rates of cement and steel were slashed recently. It is a good sign for the realtors to take up new projects which were shelved in the last three years. CREDAI anticipates construction of at least 80 new projects in the New Year-2023,” said Mr. Bose who is also Managing Director of Pride Developers.
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