REALTY CHECK

The scenic coastal city of Visakhapatnam is slowly emerging as a preferred destination to live and work in for many. Whether it be the promise of the region becoming an executive capital or the hope that the Bhogapuram International Airport will be a milestone-marker, the real estate scenario is booming like never before. A range of projects are now seeing the light of day, each promising incremental value. One can choose from gated communities to residential villas or plots of land for investment. Commercial properties are on the rise too, with new companies trying to find a foothold in the region. With all these elements, the city is poised for remarkable prospects in the days to come. The Yo! team interacts with a few of the city’s top realtors, who talk about the market, their projects and share expert insights.

VINAYAGAR PROMOTERS & BUILDERS

Vinayagar Promoters and Builders have been working on residential, commercial, and plotted projects for over 25 years. Kiran Kumar, one of the organisation’s Directors, shares his insights.

On-going projects

Several of our projects are currently lined up at RK Beach, CBM compound and Narsimhanagar. Commercial ventures at VIP Road and near Sampath Vinayak Temple are also catching pace.

Vizag Scenario

With Vizag being proposed as a capital city, real estate has started observing sudden changes. Of course, the increased demands are much welcomed by the industry. Also, since Vizag lacks sufficient projects on the commercial front, the number of projects is bound to increase.

Given the current boom of the real estate industry, it might not be surprising to note that developers will hold on to certain parcels of land as well. This pattern is likely to be observed mostly for projects in Yendada and Madhurwada, which are the current favourites for development, of both commercial and residential projects. With the current pricing approximately marking Rs. 4000/sft, it is certain to increase by another 25% in a month or two. Areas like Visalakshi Nagar and CBM Compound, within the city, have also been appreciating in value. The pricing at Visalakshi Nagar is approximately Rs. 80,000 to Rs.100,000/sq yd, while at CBM, it has skyrocketed to approximately Rs. 1.3 lakh to Rs. 1.5 lakh/sq yd.

Future

During this surge phase of real estate, we plan more projects on the outskirts and have already begun working on these. Our 10-acred land bank in Boyapalem will be developed into plots. As the apartment culture rises in the city, we see this as the best time to offer independent housing, with residential projects in these areas, owing to the lesser population density.