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Land Prices in Vizag costlier than Banjara Hills in Hyderabad: CREDAI Chairman P Koteswara Rao

Land-Prices-in-Vizag-costlier-than-Banjara-Hills-in-Hyderabad-CREDAI-Chairman-P-Koteswara-Rao

Ever since the declaration of Visakhapatnam as an Executive Capital and subsequent assent to the Andhra Pradesh Decentralisation and Inclusive Development of all Regions Bill for the establishment of three capitals in Andhra Pradesh by the Governor Biswa Bhusan Harichandan, land prices in and around the city have risen and it is becoming beyond the reach of the rank and file. And to add more insult to the injury, government is ready to revise annual market value of the land to upward enable some revenue can be accrued during this pandemic time.

The unit rate of land in some pockets of the city like Mudasarlova are proposed to be increased by 27 per cent and this may make them even costlier than land prices in Banjara Hills of Hyderabad. Land prices in Vizag have always been on the higher side and the proposed revision, if implemented, would place parts of the city among the costliest places to live in, in the country. Before implementing the revised unit rates of the land, the Registration and Stamps department has sought objection and suggestion from the public. People can give their feedback on the revised rate before August 10 on the department website. The north of Vizag towards Vizianagaram and northeast of the city, Bheemili is expected to see major development as the state government is reportedly scouting for land in these areas where large tracts are available. Vizag District Registrar Manmadha Rao said that sub-registrars have revised the lands rates of areas coming under their jurisdiction on the basis of rationalisation.

To invest in Visakhapatnam/Vizag here is the best-tailored options.

Considering the demand in areas such as Anandapuram, Yendada, Pendurthy, lands abutting Vizag-Anandapuram national highway, Madhavadhara, Murali Nagar, Kurmannapalem, Mindi, Madhurawada, Bakkannapalem, Kommadi and Paradesipalem, the revision of rates ranges from 5 per cent to 10 per cent and 10 per cent to 20 per cent. The government fixed market values of lands where new layouts are developed in the GVMC limits have been revised. Rates in villages abutting roads have been revised from 6 per cent to 12 per cent in Saripalli and Rampuram areas, the revision was 15 per cent and in Bheemili mandal 13 per cent to 15 per cent.

Meanwhile, CREDAI chairman P Koteswara Rao suggested postponement of revision of land value by at least one year citing the difficulties arising out of the Covid-19 pandemic and other reasons. This would help attract prospective buyers, he said. He also expressed concern over how the further increase in rates or land, which already costs a bomb in Vizag city, will dash the dreams of middle-class families to own a home.

He also highlighted how land or apartments in some areas in Vizag city (like CBM Compound) are costlier than Banjara Hills, one of the affluent neighbourhoods in Hyderabad. The realty sector is the second largest provider of employment after agriculture and the present crisis in this sector would have an adverse impact on employment opportunities and hundreds of daily workers would be jobless, he said.

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