Updates on RealEstate trends
Vizag Realtors focus on independent houses
With the demonetisation drive severely impacting the real estate sector in the port city, realtors area unit currentlyobserving alternatives to stay the business afloat.
Now, rather than building apartments, realtors area unit focussing on independent houses and duplex structures in plots close to the town.
About 25,000 acres of farm land wherever vegetables, paddy and foodgrains were grown abundantly within theoutskirts of the town had already been converted into housing plots or apartments six years ago. many layouts have return up in those lands. Sites near the city include Anandapuram, Boyapalem, Bakkanapalem, Tagarapuvalasa, Rushikonda and Bheemili on one side and Duvvada, Lankelapalem, Aganampudi on the Vijayawada highway facet. quite 80th of the farm lands at Pendurthy, Sabbavaram, Parawada, Chinnamushidiwada, Purushottamapuram, Chimalapalli and Vepagunta are converted into layouts. all these area unitas are inside 20 to twenty five km from the most town, sources said.
However, after termination, sales have return down by quite 30 minutes, said A Srinivasa Rao, a builder within thecity. This trend can continue for one more six to eight months, he opined. “Many realtors area unit currentlyabsorption on housing comes in plots near the town,” he said. With the price of building a house now equalling the cost of an flat, realtors feel this will attract investors.
“People always prefer freelance homes to apartments. So, once they get an individual house for Rs 75 00000 to Rs 8000000 that is that the same cost as associate degree apartment in and around Vizag, they'd naturally go forit. There would be no pollution and traffic chaos within the outskirts,” owner of Adon comes K Eswar told TOI. He was of the read that the price of plots wouldn't increase in the next one year.
Vizag Real estate experts panel discussion
The port city is the best place for investment in real estate, opined the experts at a panel discussion on 'Vizag Property -Trends today and Tomorrow' at Credai-VSP Property Expo-2017 at AU Engineering college Grounds on Sunday.
Initiating the discussion, G Sambasiva Rao of AP Chamber of Commerce and industry said many industries and otherprojects within the field of tourism, education, and IT are within the pipeline and such development would boost the real estate sector. "Development of six lane roads and the the} international airport at Bhogapuram would also contribute to the development of real estate," he added.
O Naresh Kumar, managing director of symbiosis IT firm, same even though the IT sector had a late begin within the town, it's picked up in recent years because of surplus power provide and other steps taken by the regime. The revenue from the IT sector was Rs 2,000 large integer per year and is expected to go up, he added. President of Credai-VSP, GVVS Narayana same there was no possibility of costs of flats coming down, but are possible to rise. P Koteswara Rao, caller of the Property expo, created a plea for construction of a modern convention centre within thetown.
Pappula Chalapati Rao, MLC, appreciated the contribution of Vizag Credai Chapter to the general development of the town, especially housing. G Chakradhar, president, APREDA (Andhra Pradesh real estate Developers Association) asserted that ending had no negative impact on the housing sector.
He same the plan of Vizag is being revised. this would take at least one to 1 and a five years. Representatives from land sector ought to represent to the government and obtain required changes incorporated within the proposed plan.