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Real Estate Trends in Vishakhapatnam

Last updated: February 25 2021
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  • Real Estate Trends in Vishakhapatnam

    Property Prices shooting up in Vishakhapatnam

    After City of Nawabs, Hyderabad, the real estate boom is now to visit the port city of Visakhapatnam. Needless to say, the real estate is really zooming here in the wake of new developments. Skyrocketing land prices in Visakhapatnam go through the rooftops, surprisingly beyond the reach of the lay man.

    There is a sudden fall in the demand for land pieces in Visakhapatnam, which is further believed to have fuelled because of the political focus shifting to development of separate Telangana state. Consequently, this added to land prices in Hyderabad and the attention of property developers quickly got diverted to Visakhapatnam.

    Property developers, apart, group of Non-Resident Indians (NRIs) promising handsome investments have now turned their heads towards the port city. With the result, land prices have spiraled by 50 to 75% in the past two months. What further boosted the rising land prices was the allotment by the State Government of vast stretches of valuable land to industries, software companies and development of Special economic zones (SEZs).

    Visakhapatnam has grown by leaps and bounds in recent years and improvements can be seen in every sector in the city. Here, the land prices range in between Rs.8, 000 to Rs.10,000 per square yield. In the major locations like Dwarkanagar, it is as high as Rs. 30,000 to 40,000 per sq yard times, with the development of several IT units and also the sanction of several new industrial parks such as Brandix Apparel City.

    The Visakhapatnam Port has been the best port in the country from the past of years for handling as much as 55 million tones of cargo during 2005-06. This even though Volks Vagan’s decision to backtrack from its proposal of setting up an automobile unit in the city caused a temporary delay.

    Property prices in Visakhapatnam got doubled in a span of a year. The most popular area is the stretch along the beach, Rushikonda to Bheemunipatnam. The market value of an acre near to Bheemunipatnam is around Rs. 60 lakh and the registration value is in the order of Rs. 9 to Rs. 15 lakh. Indeed, the registration value pushed to 75 per cent from 50 per cent from August 2006.

    I find this news quite interesting from the point of view of making investments in Visakhapatnam. Can anyone shed more light on the property trends in this city.

    Waiting for your replies friends.
  • #2

    #2

    Re : Real Estate Trends in Vishakhapatnam

    Wondering about the present situation in Vizag.

    Comment


    • ijmprop
      ijmprop commented
      Editing a comment
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  • #3

    #3

    Re : Real Estate Trends in Vishakhapatnam

    Any new developements in Vizag after T-Stir in Andhra Pradesh

    I heard many of my colleagues are speaking about this city

    Comment


    • ijmprop
      ijmprop commented
      Editing a comment
      "Raintree Park Dwaraka Krishna's Phase -2 Willows Grande is a CRDA Approved Luxury Gated Community Project by IJM India Properties offering 2/3 BHK Flats with World Class Amenities, Having Situated Near Vijayawada.CRDA Approved Flats for Sale near Vijayawada, CRDA Approved Flats for Sale near Guntur."
  • #4

    #4

    Re : Real Estate Trends in Vishakhapatnam

    Price edge drives realty boom on Vizag outskirts

    Price edge drives realty boom on Vizag outskirts - The Times of India

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    • #5

      #5

      Re : Real Estate Trends in Vishakhapatnam

      Concrete jungle eating into Visakhapatnam's green heritage

      VISAKHAPATNAM: On the face of it, Vizag is one of the greenest cities in the country, blessed as it is with an enviable 44% of estimated green cover. All thanks to its nearly 60,000 acres of green belt, which includes the Visakhapatnam Steel Plant campus, spread across the 550 square km (1.36 lakh acres) Greater Visakhapatnam Municipal Corporation (GVMC) limits.

      But dig a little deeper and one finds that in reality the city's green heritage is under grave threat. Experts warn that not only have several old trees, some as old as 150-odd years that adorned the Old Central Jail and old garden bungalows in Waltair, been chopped down to make way for modern highrises, many indigenous plant species are being replaced by foreign varieties. In the rural areas, many of the endemic and common species are fast losing their terrain due to the prevalent tribal practice of shifting cultivation.

      The result: some of the endemic species like Istema Venkateswaruli have become extinct and many others are on the verge of extinction. While the endemic species are those found only in a particular region, common species, though found in reasonable or large numbers in one particular place, are not exactly specific to that region.

      "There are 10 to 15 endemic species while there are around 1100 common Indian species. Of these, close to 30-40 species, mainly endemic ones, are now on the verge of extinction. Many of the species included in the endangered species are endemic to the higher climes of the district (over 300 meters). The only species endemic to Vizag -- Istema Venkateswaruli -- was last sighted in the Hanumanthavaka hill range the early 1970's," said Dr M Tarakeswara Naidu of the Department of Botany at Andhra University.

      According to him, some of the common trees such as Terminalia Chembula, also known as Karaka Chettu in Telugu, that has anti-cancer properties, was once extremely popular in gardens and plantations but is now giving way to quick growing species such as Acacia mainly due to the green belt developers' fetish for quick growing species.

      Experts pointed out that despite plenty of data being available very little has been done to conserve the endemic and common species of Vizag, which is why it has become all the more important to build a gene pool bank for plants to ensure that both the endemic and common species of Vizag district can be preserved in large numbers.

      "The need to preserve the gene pool of common and endemic species of the region was first raised by Professors Bhairava Murthy and Professor J Venkateswarulu of AU's botany department way back in the 1960s. The duo published their work titled Flora of Visakhapatnam in 1972, comprising research conducted over two decades. However, despite other books following this pioneering piece of work, not much has been done towards preserving the 30-odd endemic species or even for that matter some of the common trees like even neem or the blue berry tree as many are being chopped down for the durability of the wood," said Professor E Uday Bhaskar Reddy of the Department of Environmental Studies at AU.

      Already concerned over the alarming rate at which local varieties are being replaced by ornamental foreign varieties, members of the scientific and academic community of Andhra University along with a few concerned members of civic society are now working towards this end.

      Recently, Mother Earth Environment Consciousness Society (MECONS) launched a signature campaign to save a 125 year old Banyan in the Waltair Railway station campus in addition to other old trees. "Our focus is on saving old trees and preserving the gene pool of the endemic and common species by sensitising people," said Ravi Kanth Reddy of MECONS Vizag chapter.

      According to experts, all is not lost as some of the endangered species such as Istema Venkateswaruli and Phyllanthus Narayanaswami can still be regenerated in Vizag if they are sighted again. "Species such as Cyathea, a true wonder fern which has two-meter-long leaves that is found in the higher climes of Paderu and GK Veedhi but is vanishing due to Ganja cultivation, must be provided a home to grow in the region, where a number of campuses of state-run companies abound," said Prof Bhaskar Reddy.

      Experts called for policies to protect endemic and common species that are fast being replaced by foreign palms and decorative trees to ensure bio-diversity is maintained. "As there is no such policy, we must invite corporates, government institutions, willing individuals and NGOs to develop a gene pool of species common to the area, thereby maintaining the local ecology," said Prof Bhaskar Reddy, pointing out that the reduction in Palmyra trees in the city has led to a significant reduction in the number of birds such as woodpeckers.








      Concrete jungle eating into Visakhapatnam's green heritage - The Times of India
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      • #6

        #6

        Re : Real Estate Trends in Vishakhapatnam

        Civic body in soup over housing project for slum dwellers

        VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) has flouted the norms of the Rajiv Aawas Yojana in preparing detailed project reports (DPR) and identifying beneficiaries, alleged many residents of the 13 slums in the city that the GVMC officials visited, including Suryateja Nagar.

        The residents claimed that the officials concerned entered some benami names as beneficiaries of the centrally sponsored housing project, which aims at providing a house worth Rs 5 lakh to families living in slums.

        Alluri Sitarama Raju Slum Dwellers Association president A Ramulu said that nearly 220 names out of total 278 dwellers of their slum have not been included in the report of beneficiaries being prepared by GVMC officials concerned. "We came to know about the names being missing when they read them out at a recent meeting," Ramulu said.

        Muthyamamba Colony Residents Welfare Association president P Nagaiah echoed Ramulu. He said that 236 people are staying with their families in the Muthyamamba colony slum. "We have found that nearly 130 names are missing from the beneficiaries' list," he said.

        The residents of Suryateja Nagar slum, whose DPR has been prepared and sent for the government's approval, said that GVMC started work on the project in 2011 but there has been no progress till date. "No GVMC official has approached us in the past one year to talk about the project or any related work," Suryateja Nagar Slum Dwellers Association secretary D Nagaraju said.

        GVMC has completely violated the norms of the project while identifying beneficiaries, alleged Pragada Srinivasu, secretary of the Association Regional Tribal Development (urban wing), an NGO that works towards safeguarding the welfare of the urban poor.

        The civic body is meant to conduct public hearings and ensure the participation of community members, politicians and even NGOs while identifying the beneficiaries, according to the guidelines of the project. However, it did not do so, alleged Srinivasu, adding that nearly 40% of the names of beneficiaries are fake.

        "The GVMC is also supposed to conduct a socio-economic survey in the slums and examine the living standards before identifying beneficiaries. This was also not done by the GVMC in all the 13 slums that they have covered so far to prepare the DPR for constructing houses under the project," Srinivasu said.

        GVMC Urban Community Development project director M N A Patrudu denied all the allegations and said that they have so far prepared the DPR of only one slum, Suryateja Nagar, and sent its DPR to the government for approval.

        "We have identified a total of 242 beneficiaries in Suryateja Nagar slum to build G+3 houses at an estimated cost of Rs 12 crore. In principle, the government has approved the DPR of the slum, but is yet to give financial clearance," Patrudu told TOI.

        He maintained that they are preparing the DPRs of the 12 other slums and it would be completed by the end of this month. "The GVMC has followed all rules and regulations of the project while identifying the beneficiaries or undertaking any other work relating to the housing project," Patrudu maintained.











        Civic body in soup over housing project for slum dwellers - The Times of India
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        • #7

          #7

          Re : Real Estate Trends in Vishakhapatnam

          GVMC plans to get tough on vacant land tax defaulters

          VISAKHAPATNAM: Vacant land tax (VLT) defaults are increasingly becoming a cause of concern for the Greater Visakhapatnam Municipal Corporation (GVMC), which could mop up only 58.8% of the total tax of Rs 17 crore from its 13,000 authorized vacant site owners in 2012-13 financial year.

          GVMC collects 0.2% land or site value declared by an authorized agency such as the department of registrations as VLT. However, it has been unable to collect a large portion of the dues, which have mounted to Rs 35 crore in the last five years.

          Successive commissioners, including present civic chief M V Satyanarayana, have failed to collect the dues and VLTs every year, which is supposed to be paid to GVMC by the owners annually.

          The Port City has as many as 63,000 vacant land sites in the area spread across 534 sq km falling under 72 wards and 32 peripheral villages, according to Geographical Information System (GIS) data. If the owners of all vacant sites pay tax, GVMC can get VLT of Rs 66 crore every year.

          However, Satyanarayana said that as on Saturday, June 1, 2013, the civic body possessed data, such as profile and addresses of the owners of only about 13,000 vacant land sites.

          "GVMC's target for the year is Rs 24 crore, including Rs 7 crore dues of the previous year. We have been making all possible efforts to gather information of all vacant sites and reach the target of about Rs 66 crore from 63,000 assessments," the civic chief told TOI.

          The corporation has decided to adopt a new strategy to tackle VLT defaulters, according to GVMC's additional deputy commissioner (revenue) R Somannarayana. GVMC will give wide publicity about VLTs and legal problems to its defaulters and also appeal to them to clear VLT dues before July 31 this year, the officials said.

          After July 31, an outsourcing agency will collect all information, including documents, of the defaulters and submit it to GVMC for levying and collection of VLT. Besides, GVMC revenue staff will collect information from the sub-registrar office for valuing the tax as well as for the latest mutation and for sending notices to the parties or owners of VLTs.

          "The service charges for collection of information and documents to private agency shall be borne by the vacant land or owners only," Somannarayana said. Besides, physical verification from the layout owners associations and neighbours will also be done along with the data collection, the official said.

          GVMC collects 0.2% land or site value declared by an authorized agency such as the department of registrations as VLT. However, it has been unable to collect a large portion of the dues, which have mounted to Rs 35 crore in the last five years.










          GVMC plans to get tough on vacant land tax defaulters - The Times of India
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          • #8

            #8

            Re : Real Estate Trends in Vishakhapatnam

            BRTS at a crossroads

            VISAKHAPATNAM: Inadequate parking space is plaguing the Bus Rapid Transit System (BRTS) in Visakhapatnam, which is almost complete on the Pendurthy corridor and the Simhachalam corridor.

            The project, which started in December 2008, should be completed by 2014 April, according to the Greater Visakhapatnam Municipal Corportaion (GVMC). The Visakha Urban Transport Company Ltd was formed with the collector as chairman to manage the BRTS corridor.

            However, with trial runs being conducted, problems such as traffic regulation and parking space have not been addressed till date, disclosed a source in GVMC.

            The 40-km BRTS corridor is a twin corridor network on which more than Rs 315 crore has been spent so far, with the Union government bearing 50% of the cost, the state government bearing 30% and GVMC 20%. The total cost, including that of the flyover, is said to be a whopping Rs 420 crore. The GVMC has acquired more than 1,300 properties in the last five years to ensure the completion of the project that is aimed to solve congestion problems on the main transit routes in the GVMC limits.

            However, EAS Sarma of the Forum for Better Visakha observed that the BRTS stretch from the RTC Complex via Maddilapalem to Hanumanthavaka Junction would lead to mayhem on the roads. "When planning for something like the BRTS, one should have adequate parking space. The only parking lot available is the one at Maddilapalem. As such, the non-motor vehicle portion of the roads and the footpaths would definitely be taken over by the public as parking space," said Sarma.

            The authorities admit that all is not well with the project. The major problem is the lack of parking space on the BRTS stretch especially at Pendurthy and the RTC Complex-Maddilapalem stretch. People fear that the 8-metre footpaths would also be taken over by mall owners and other traders, who would not shy away from using them as parking lots.

            A senior GVMC official admitted that they faced a problem in enforcing parking rules and keeping the footpaths clear from hawkers.

            More importantly, the number of people taking to driving in the wrong direction could also increase with not more than 20 policemen and home guards manning the 40-km stretch.

            Another issue plaguing the project is that of compensation. Many private property owners still oppose the idea of Transferrable Development Rights (TDRs) and demand to be compensated in terms of land.

            The GVMC officials contend that there is not enough land for all, while private parties feel betrayed as they stand to lose valuable real-estate. "I do not understand why they are handing over these TDRs, which do not have market value," observed K Sridhar (name changed) a resident of the Maddilapalem stretch, who took the compensation paid by the GVMC under duress.

            There are also objections to the idea of providing intersections at every 400 metres. B M Sastry, a civil engineer said,"People will look to jump lanes and drive in the opposite direction as both the Pendurthy and the Maddilapalem stretches are jam packed and the stretches are busy thoroughfares," said Sastry. GVMC officials countered that 10% of the public would anyway flout rules. Police admit that people jumping lanes, especially on the BRTS corridor, could pose a huge problem but pointed out that people were actually breaking down barricades, especially on the Maddilapalem stretch.

            "People don't just jump lanes and cut corners. Some of them are also stealing grills and barricades on the Maddilapalem stretch. To curb this, the police commissioner has taken up the initiative of training students and using them as traffic guides. This, we, hope would help control the menace at least partly," observed V Suresh Babu, Addl CP, Traffic.











            BRTS at a crossroads - The Times of India
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            • #9

              #9

              Re : Real Estate Trends in Vishakhapatnam

              Cement prices jump by 46% in 20 days

              VISAKHAPATNAM: The construction industry has been badly hit with cement prices shooting up by Rs 100 per 50 kg bag from Rs 215 to Rs 315, representing a jump of 46% in 20 days.


              The spike in prices will also hit home buyers and cement dealers in city, where around 1.5 lakh tonnes of cement is needed for construction activity every month, according to Parasurama Raju of the Waltair Steel and Cement Dealers Society.

              Confederation of Real Estate Developers' Association of India (CREDAI) Vizag chapter chairman B Raja Srinivas said that the hike will result in cost escalation to builders. Normally around 20 kg of cement is needed per sq ft when it comes to apartments, while for construction of individual houses, the requirement could be as much as 40 kg per sq ft. This would mean that building a 1,000 sq ft individual house would cost as much as Rs 80,000.

              Srinivas said that the hike in cement prices was partly because of an increase in power charges but largely as cement manufacturers chose to hike prices and not because of demand and supply dynamics. "This steep increase is not because of any change in demand and supply factor. It's more because of raising of prices by cement manufacturers," he said.

              "The cement manufacturers are creating an artificial demand. Otherwise, how can you explain that on May 15 the rate was Rs 215 and by June 1 it had jumped to Rs 315 (per 50 kg bag)?" asked Raju.

              "It's really tough on us. We are sandwiched between the cement manufacturers and construction firms because of the hike in rates," he said. Raju pointed out that the average breakeven price for cement manufacturers is Rs 230 to Rs 240 and the existing rates are too high.

              Another trader, on the condition of anonymity, said that stocks have also been delayed for the last 4-5 days, putting further pressure on the trading community. "The last stock was supposed to reach us on Monday, but it still hasn't come to us," he said.

              The rise in cement prices has left individuals in a spot of bother. R Srinivasa Rao, who is building a two-storeyed house with a total area of more than 2,000 sq ft in Paradesipalem, initially estimated that he would need to spend Rs 28 lakh to Rs 30 lakh. However, now he thinks that he will have to pay at least another Rs 1.5 lakh for completing the house.

              The steep increase in prices is not because of any change in demand and supply.




              Cement prices jump by 46% in 20 days - The Times of India
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              • #10

                #10

                Re : Real Estate Trends in Vishakhapatnam

                Realty company dupes investors of Rs 25 crore

                VISAKHAPATNAM: Even as the protests over the SIMS multi-crore chit fund scam are yet to die down, another one has hit the city, with the Sri Chakra Gold Firm and Villas Ltd allegedly defrauding about 50,000 investors of Rs 25 crore.

                The fraud came to light on Monday when a bank that had allegedly given Rs 2.5 crore as loan to the company management to set up Sri Chakra Mall sealed the property as the company failed to pay its dues.

                The company was set up in 2010 by N Narendra (CMD) and his wife Aruna Devi (MD) at Chilakaluripeta in Guntur district. Aruna Devi's brothers Suresh and Anil Kumar were made general manager and executive director of the company and Anil Kumar's wife Bhargavi held the post of finance director. One Giri Babu and SV Krishna Rao, an advocate of Visakhapatnam, are its directors.

                The company management allegedly lured people into investing about Rs 25 crore by claiming that they were relatives of Tamil Nadu governor and former Andhra Pradesh chief minister K Rosaiah, said sources. They promised high returns on many daily investment schemes. The company also claimed that it had 100 acres at Gajapatinagaram and another 5,000 sq yards site at Parvathipuram, apart from various assets at various places. More than 50,000 people, from AP, Odisha and Karnataka invested money in the company in the hope of reaping high returns.

                The company headquartered at Vizag has 18 branches in Avanigedda, Gudiwada, Nuziveedu, Tiruvuru in Krishna, Sattupalli, Singaraya Konda of Guntur, Kottagudem, Khammam, Manchiryala in Adilabad, and Vikarabad in Ranga Reddy. It has nine other collection points. The Gudiwada branch alone had collected Rs 60 lakh in one year, an agent Basaveswara Rao told TOI. Senior agents in Tiruvuru - Narasinga Rao and B Srinivasa Rao — had allegedly collected Rs 3 crore, the sources said.

                Around 60 agents who came to the Vizag office on Monday to collect the amount on maturity of their deposits were dismayed to see the sealed office. "We were shocked to see that the company head office at Turner Chowltry, very close to the city police commissioner's office, was sealed by the Central Bank officials," Basaveswara Rao said.

                The victims also approached commissioner of police B Shivadhar Reddy and lodged a complaint at Two Town police station in the city.

                The phones of Narendra, Aruna Devi and other directors were switched off.











                Realty company dupes investors of Rs 25 crore - The Times of India
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