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Vizag outskirts bursting at the seams with new housing projects

Vizag-outskirts-bursting-at-the-seams-with-new-housing-projects

Vizag buzzes with an electric fervor that attracts NRIs and ex-pats alike. Over the years, the city has burst its seams, overflowing into the suburbs and beyond. Not surprisingly, housing has become more and more expensive. While the city and many of the suburbs are beyond the reach of the common man, some outlying places are undergoing major facelifts. These areas are not just affordable but also have convenient transportation.

In the wake of Visakhapatnam being declared as executive capital, the real estate sector and construction industry is recovering from the Covid-19 blues and many ventures are coming up at various places to offer affordable housing to all sections of society. Realtors are now busy building affordable housing on the city outskirts and are expecting to attract the middle-income segment there.

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Flats in MVP Colony, Lawson’s Bay, Maddilapalem, NAD Kotta road, Marripalem, Madhavadhara, Muralinagar, Visalakshinagar, PM Palem, Akkyapalem, Sithampeta, Gurudwara, Dwarakanagar, Railway New Colony, Pandurangapuram, Beach road are becoming costlier by the day and are no more within reach of the middle-income group. Builders are looking for new locations on the city outskirts for new housing projects. Most new affordable housing projects are coming up at Anandapuram, Bheemili, Tagarapuvalasa, Bhogapuram in Vizianagaram and Kurmanapalem.

Speaking to Hello Vizag, B Srinivasa Rao, President-CREDAI (Vizag) said that a majority of builders believe that Vizag will get more flyovers, metro rail connectivity, and other transit systems that will significantly reduce travel time between Tagarapuvalasa and Vizag. On top of that, builders believe that prices on the outskirts will be within reach of the middle-income group. Nearly 10,000 units are coming up on the city outskirts and response from buyers has been encouraging, added Srinivasa Rao. Prices of 900–1,000 square feet flats in these new housing projects on the outskirts range between Rs 28–30 lakh.

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Many members of the CREDAI opined that with Vizag set to become the executive capital of Andhra Pradesh, people from neighboring districts and even some people from Hyderabad are enquiring about new housing projects in the city. “In the present circumstances, it is difficult to buy a flat at Madhurawada, Sagarnagar, Yendada as one has to spend over Rs 50- 60 lakh. Hence, we have paid in advance to book a flat on the outskirts. We expect road connectivity to improve once Vizag gets capital status,” said K Siva Kumar, who recently bought a flat.

MP MVV Sathyaranayana said on one side industries and another side tourism sector is developing. People are willing to settle in the Vizag, which is peaceful and people-friendly. Many people who worked and retired from their services in other states coming here to settle and live peacefully. He further stated that the development of this sector will only flourish if the common and middle-class people can afford to have a house in Vizag told to Hello Vizag.

By having good connectivity with road, rail, sea, and air to the national and international places, the development of real estate will be sure, opined MP MVV Sathyanarayana. Like Vizag Steel Plant, HPCL, BHEL, Pharma city, and industries in Special Economic zones, Vizag will be developed as a real estate hub added by Mr. Sathyaranayana.

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