Why To Invest in Visakhapatnam?

          The port city of Andhra Pradesh, Visakhapatnam, is steadily gaining popularity for being a much desired destination for real estate investment. Also known as Vizag, this beautiful city has always been a lone natural harbour on the Eastern Coast of the country. However, with excellent connectivity to other parts of the nation, several tourism projects, industrial development and IT companies in and around the city, the demand for both residential and commercial properties have increased in the last few years.

Vizag was one of the first to recover post-recession. It is when investors and developers moved away from Hyderabad and focused at Vizag for property development.  

Prominent developers, builders and investors focused on individual and mega housing projects across the port city. A place that boasts of a good coast line, natural valleys, hills and beautiful locales, Vizag is now undergoing a sea-change in terms of infrastructural development.

       

Real Estate Growth

 The primary reason for real estate stagnation is often speculation and a higher supply than demand. This was the same case with Vizag nearly six to seven years ago. The last two years, however, showed that Visakhapatnam was scaling upwards in terms of supply (10% to 15% hike observed in property sales).

In addition, both Indians and NRIs showed great interest in investing in this city, and a number of premier and budget housing projects have now sprung up.

Buyers with a budget of Rs. 45 to Rs. 80 lakhs can look forward to buy a modest house in posh areas like Lawson’s Bay Colony, Dwarka Nagar, MVP Colony, Seetammadhara and Beach Colony.

Properties close to the beaches or on the outskirts of Vizag are the most sought-after. Despite a price hike in city outskirts, places like Muralinagar, Yendada, PM Palem, Sheela Nagar, Gajuwaka and Visalakshinagar are reasonably priced.

The salaried middle class group can definitely look to buy a spacious flat in a good apartment. The Visakhapatnam Urban Development Authority (VUDA) has further boosted the growth of real estate expansion in the city through planned mega residential townships and apartment projects.

Not only residential real estate but commercial spaces are also very much in demand in this picturesque place. With the city being a hotspot for industries, software companies, ITES, SEZ and BPO, the demand for commercial properties, including commercial rentals have increased since the last three years. With prominent companies like IBM, Mahindra Satyam, TCS, GAIL, Hindustan Ship Yard, Hindustan Zinc, etc., being located in the city, Visakhapatnam has now emerged as an ideal business destination. This is the primary reason why besides townships, premier residential apartments and villas with sophisticated amenities have developed.

With an increase in both public and private sector companies in this city, many housing projects have developed in places like Rishikonda, Dwarka Nagar and Madhurawada.

Vizag is definitely one real estate corridor you should look for investing!