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Real Estate Trends in Vishakhapatnam

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Real Estate Trends in Vishakhapatnam

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  • #91


    Re : Real Estate Trends in Vishakhapatnam

    Realtors in Vizag turn focus on independent houses

    About 25,000 acres of farm land where vegetables, paddy and foodgrains were grown abundantly in the outskirts of the city had already been converted into housing plots or apartments six years ago.Siva G | TNN | November 26, 2016, 16:00 IST

    VISAKHAPATNAM: With the demonetisation drive severely impacting the real estate sector in the port city, realtors are now looking at alternatives to keep the business afloat.

    Now, instead of building apartments, realtors are focussing on independent houses and duplex structures in plots close to the city.

    About 25,000 acres of farm land where vegetables, paddy and foodgrains were grown abundantly in the outskirts of the city had already been converted into housing plots or apartments six years ago. Many layouts have come up in those lands. Sites close to the city include Anandapuram, Boyapalem, Bakkanapalem, Tagarapuvalasa, Rushikonda and Bheemili on one side and Duvvada, Lankelapalem, Aganampudi on the Vijayawada highway side. More than 80% of the farm lands at Pendurthy, Sabbavaram, Parawada, Chinnamushidiwada, Purushottamapuram, Chimalapalli and Vepagunta have been converted into layouts. All these areas are within 20 to 25 km from the main city, sources said.

    However, after demonetisation, sales have come down by more than 30%, said A Srinivasa Rao, a builder in the city. This trend will continue for another six to eight months, he opined. “Many realtors are now focussing on housing projects in plots close to the city,” he said. With the price of building a house now equalling the cost of an apartment, realtors feel this will attract investors.

    “People always prefer independent houses to apartments. So, when they get an individual house for Rs 75 lakh to Rs 80 lakh which is the same cost as an apartment in and around Vizag, they would naturally go for it. There would be no pollution and traffic chaos in the outskirts,” owner of Adon Projects K Eswar told TOI. He was of the view that the price of plots would not increase in the next one year.


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    • #92


      Re : Real Estate Trends in Vishakhapatnam

      Revenue from property registration dips in Visakhapatnam

      According to realtors, majority of the housing projects which are being registered are deals which were made prior to demonetisation.

      VISAKHAPATNAM: The demonetisation drive appears to have adversely affected revenue collection in the stamps and registration department which solely depends on property registrations in Visakhapatnam district.

      The department has collected a revenue of only Rs 33.53 crore, achieving a target of only 54.52 per cent that was generated in November from Visakhapatnam district including sub-registrar offices under Anakapalli and Vizag city, according to data available on the CORE (CM office real-time executive) dashboard.

      While the eight sub-registrar offices in Vizag collected a revenue of Rs 25.63 crore and achieved 56.32 per cent of the target, the 11 sub-registrar offices in Anakapalli netted a revenue of Rs 7.89 crore and touched only 49.42 per cent of the target.

      Incidentally, while the first week of November (before the demonetisation was announced) witnessed revenue collection of around Rs 8 crore, the subsequent three weeks witnessed an approximate collection of Rs 5.5 crore each week in the sub-registrar offices in Vizag.

      Similarly, the first week saw revenue collection of around Rs 2.5 crore in the sub-registrar offices in Anakapalli, but in the subsequent three weeks, the revenue collection dropped to around Rs 1.8 crore for each week.

      According to realtors, majority of the housing projects which are being registered are deals which were made prior to demonetisation. Realtors said large number of customers who had earlier expressed interest in plots and apartments are now waiting to see how the realty sector reacts to the demonetisation drive.

      “We usually used to get around 8-10 enquiries per week for apartment projects, but we this week, we saw only about 3-4 enquiries. Many people are preferring to wait for some more time before deciding on their investments,” observed a builder from the city. He also said the demand may drop for another month considering that cash flow is yet to fully resume in the city.

      “This (demonetisation drive) is actually shocking news for many people. There will be a correction in land rates, so generally the demand for plots is expected to drop for some more time. We are seeing only those people whose bank loans that had been cleared now actually going ahead with purchasing flats,” opined another builder, who said that only people with cheque payments are now going ahead with the registrations.


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      • #93


        Re : Real Estate Trends in Vishakhapatnam

        Greater Visakhapatnam Municipal Corporation to set up green belt

        TNN | Updated: Dec 28, 2016, 07.37 PM IST

        VISAKHAPATNAM: Greater Visakhapatnam Municipal Corporation (GVMC) commissioner M Hari Narayanan on Tuesday instructed officials to set up a green belt from Maddilapalemto the airport along National Highway-16.

        He instructed officials to plant saplings in the vacant places of the central medians and sub-medians and ensure that the green belt is well protected by arranging proper fencing, a press release said.

        During his inspection of the stretch from Maddilapalem to the airport on Tuesday, GVMC commissioner also imposed a fine on Bajaj Spares and Jyothi Car Care for encroaching on a green belt area and damaging the beauty of the road.

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        • #94


          Re : Real Estate Trends in Vishakhapatnam

          Infrastructure development on the cards

          TNN | Updated: Jan 2, 2017, 09.23 AM IST

          VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) has decided to improve basic infrastructure across the city next year. The plans include construction of service roads, repair of roads, development of GVMC schools, and laying of underground drainage systemin select areas within the corporation jurisdiction.

          GVMC commissioner M Hari Narayanan said the corporation would soon go for request for proposal (RfP) to modernise three GVMC schools as part of its efforts to improve education as well as school infrastructure. This apart, the corporation would also lay roads in certain areas with own funds. TNN

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          • #95


            Re : Real Estate Trends in Vishakhapatnam

            Vizag to adopt Kolkata vertical housing model

            District collector Pravin Kumar told TOI, "We will visit Kolkata in the first week of February to study a similar project in the metro city where it has produced successful results."V Kamalakara Rao | TNN | January 20, 2017, 16:00 IST

            VISAKHAPATNAM: Officials from the city are to soon visit Kolkata to study the vertical housing structures which will be replicated here in order to provide housing, particularly to employees of private firms.

            District collector Pravin Kumar told TOI, "We will visit Kolkata in the first week of February to study a similar project in the metro city where it has produced successful results."

            Till now, the government has been providing houses to the unorganised sector and those below the poverty line under various schemes like JNNURM and NTR Housing.

            Now, the government in association with private builders has decided to build homes for those in private companies and sell them at an affordable price.

            In the first phase, the government has already decided to develop 1 lakh houses including 65,000 spread over 710 acres at Achyuthapuram towards Rajahmundry and 35,000 spread over 400 acres at Anandapuram towards Srikakulam.

            As it is a massive project, the government wants to adopt the vertical housing structure, which is very popular in Kolkata. "Upon instructions and suggestions from chief secretary SP Tucker, we are preparing to study the housing structures in Kolkata where huge houses were built in less space. The government wants to start the housing project in February this year," a senior official from the housing department confirmed to TOI.

            K Ramakrishna Rao, chairman of Vizag Chapter of Confederation of Real Estate Developer's Association of India (CREDAI), said, "The vertical housing towers at Kolkata is a 100 per cent success. We have already studied them. The cost of social transport is also very less and the houses are more affordable. If the land value is high, these vertical structures are a better option. The Kolkata structures have minimum 8 floors to a maximum 20 floors."

            Rao said Confederation of Real Estate Developers Associations of India (CREDAI) is ready to develop such vertical structures free of cost by taking an alternative land of similar value as investment from the government. "We have made many negotiations with the government over such projects. We are sure we will get a favourable call from the government to take up the projects in the city," Rao said.

            Andhra University's civil engineering department Prof GV Rama Rao who specialises in structural engineering said, "As Vizag is close to the sea, builders should have to take upmost care to develop vertical structures. Apart from Kolkata, the vertical structures at Bangalore city are also good."

            A senior official from Greater Visakhapatnam Municipal Corporation (GVMC) said there are nearly 5 lakh vertical households in the city. Of them, nearly 2 lakh households require own houses. Of the 2 lakh, nearly 10,000 households belong to employees in the information technology sector. Many people commute nearly 30 km to 100 km from the city to work in various industries, companies and business firms daily.

            We will visit Kolkata in the first week of February to study a similar project in the metro city where it has produced successful results


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            • #96


              Re : Real Estate Trends in Vishakhapatnam

              Work on Vizag-Chennai Industrial Corridor yet to gather momentum

              V Kamalakara Rao| TNN | Updated: Jan 21, 2017, 12.36 PM IST

              VISAKHAPATNAM: Works on the much-hyped Vizag-Chennai Industrial Corridor (VCIC) seems to be moving at a snail's pace.

              At the international summit hosted by the AP government here in January 2016, the concerned authorities including chief minister N Chandrababu Naidu had said the government would move fast on the progress of VCIC and would keep ready all the requisite formalities at least for the first phase in the next one year.

              After the summit, in October 2016, Asian Development Bank came forward in October with an assurance of funding USD 631 million for the 800-km long corridor covering all the nine coastal districts. However, there has been no progress on the project since then.

              After almost one year, the state government is now gearing up to sign a memorandum of understanding (MoU) with the union government regarding the project at the upcoming CII AP State Government International Summit scheduled to be held here on January 27 and 28.

              Concerned government officials in the presence of the CM will sign papers with the National Industrial Corridor Development & Implementation Trust (NICDIT), an apex body constituted by the union government to oversee development of all five industrial corridors across the country. Kartikeya Mishra, director of state department of industries, said, "The MoU for VCIC will be signed between the state government and Centre at the global partnership summit."

              Speaking to TOI, district collector Pravin Kumar said, "Works on the Vizag-Chennai corridor are progressing well. Right now, tenders have been floated."

              Once the MoU is signed, stakeholders of the project including AP Industries Infrastructure Corporation (APIIC), Greater Visakhapatnam Municipal Corporation(GVMC) and AP Transco will swing into action and start their respective works. including internal infrastructure in industrial clusters, urban water supply, roads, road safety measures, climate change resilience, power transmission and distribution. This apart, detailed project reports of the four industrial nodes including Vizag-Kakinada and Gannavaram-Kankipadu would be prepared by an agency appointed by the union government.

              A senior official from APIIC said the CM is likely to have a special discussion on the VCIC project with a team of officials at the summit soon after the MoU is signed.

              The APIIC officer added that the corridor is one of the key component of the East Coast Economic Corridor (ECIC) being developed between Kolkata and Tuticorin. Auto mobiles, electronic manufacturing, plastics, food processing, textiles and apparels, chemicals, ******** and pharmaceuticals are some of the key sectors to be given priority for development along VCIC with the objective of attracting minimum Rs 1 lakh crore investment in an year, he said.


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              • #97


                Re : Real Estate Trends in Vishakhapatnam

                Clean, green & friendly city has foreigners floored

                Sulogna Mehta| TNN | Jan 29, 2017, 06.00 AM IST

                Visakhapatnam: Foreign delegates at the CII partnership summit on their first visit to Vizag are quite upbeat about the city, scenic beauty, hospitality and cuisine. Foreigners on second visit are also impressed to find a lot of improvement in the city.

                Almost all of them find the city clean, green with a beautiful combo of seas and hills. The yummy Andhra cuisine also was a hit among them. Around 400 foreign delegates from across 50 countries are put up in the various star hotels of Vizag for these two-three days.

                Sam Freeman, director of a retail college, from Brisbane Australia said, "This is my second visit to Vizag after 2014. I find a lot of development, especially along Beach Road, which has been beautified with attractive graffiti and paintings on the walls. The roads are much cleaner and more new buildings are coming up. The Andhra cuisine is always a delight, especially anything with gongura. The Gongura mamsam (meat) is one of my favourites."

                Equally generous in her compliments about Vizag was Dr Alcira Susane Goggi, a scientist from ISU Seed Science Centre in Iowa, USA. "I just landed in Vizag and soon after was greeted by a lovely view of the seas and hills and temples. I enjoyed my drive from the airport to the hotel and summit venue. I am also looking forward to the food here. I am used to spicy food in the US dished out by my Indian students. So, I am going to enjoy Andhra cuisine as well," she averred.

                The Japanese team, some of whom had been to the city before also appreciated the development. Tetsujiro Tani from Sumitomo Corporation India Private Limited said, "I keep travelling to India and Vizag as well. This time I find the city has overall improved in civic infrastructure such as roads and greenery as compared to last January."

                Gopinath Pillai, an Indian-origin national of Singapore, pointed out that the city has remarkably recovered and was rebuilt post cyclone Hudhud devastation. "It's wonderful to see the recovery within two years of the cyclone. There's a plethora of business opportunities in the city and quite rightly it's the commercial hub of AP," he stated.

                Meanwhile, besides signing of several tourism-related MoUs, the Andhra Pradesh Tourism Department also took around 40 delegates on a sightseeing tour of the city to Kailasagiri, Central Park and Submarine Museum. Some delegates also undertook a 360 degree 3D virtual tour that encompassed the various tourist spots of Vizag. "This pleasant city Vizag is truly an appropriate place for investment in tourism," pointed out US delegates Allengo and Susanna.


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                • #98


                  Re : Real Estate Trends in Vishakhapatnam

                  Delay in NH-16 widening irks citizens

                  V Kamalakara Rao| TNN | Updated: Feb 19, 2017, 11.20 AM IST

                  VISAKHAPATNAM: Those living and working along the 25-km stretch on National Highway-16 from the airport junction to Adarshanagar junction expressed disappointment at the slow progress of the road widening project taken up by the Greater Visakhapatnam Municipal Corporation (GVMC).

                  On instructions from chief minister N Chandrababu Naidu, the GVMC took up the highway road widening project in the beginning of summer 2016. The project was supposed to have been completed by the onset of the monsoon the same year. The CM wanted the road to be widened for easing out vehicular traffic on the highway besides adding beauty to the city roads.

                  With summer 2017 approaching, the project, which includes 60 types of works like digging of roads, making culverts, shifting electricity poles and demolishing structures that come under the marked area of the widened road, is far from completion.

                  When TOI enquired about the progress of the project with the GVMC on Saturday, officials said only 60% of the project works have been completed till date.

                  One of the primary reasons for the delay was lack of technical clearances from other stakeholders including AP Transco, Eastern Power Distribution Company Limited (APEPDCL) and BSNL for shifting the electricity and telecom lines in some areas, said sources. The works of culverts and canals at some junctions including Venkojipalem are yet to begin, they added.

                  "The slow progress of the NH-16 widening project is causing a lot of inconvenience to the public, particularly those at Venkojipalem and Hanumanthawaka Junction. The authorities are focussing on widening the roads used by VIPs and giving less priority to other places," said P Muralidhar Rao, a bank employee and resident of Venkojipalem.


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                  • #99


                    Re : Real Estate Trends in Vishakhapatnam

                    GVMC plans to stop flow of sewage water into sea

                    V Kamalakara Rao| TNN | Updated: Feb 28, 2017, 01.56 PM IST

                    VISAKHAPATNAM: Despite being a venue for several national and international events like the International Fleet Review, Independence Day parade and other international summits, a major stretch of RK Beach continues to act as a channel for sewage water from the city to flow into the sea.

                    However, with the state government mulling development of the port city as a top tourist destination in the country, tourism department officials have come up with several plans to revamp the beach at par with international standards.

                    The Greater Visakhapatnam Municipal Corporation (GVMC) authorities have already convened a series of meeting with the concerned officials followed by thorough inspection of the beach stretch in the last few weeks to understand the ground reality. The corporation has instructed AECOM, the US-based firm that has been entrusted with the Smart City project, to conduct a study on ways to prevent the flow of sewage into the sea.

                    When contacted, GVMC commissioner M Hari Narayanan said the major issue was sewerage water flowing directly into the sea through Uta Gedda that flows through Pandurangapuram, Harbour Park and All India Radio office and ends opposite the NTR Statue on Beach Road. "With the help of Visakhapatnam Port Trust, we have successfully constructed a storm water drain for Uta Gedda. The port trust contributed Rs 5 crore for the work. Now, under the Smart City programme, we are examining how to connect the drain to our sewerage treatment plant at Appu Ghar near Kailasagiri. The study is still going on and is likely to be submitted by AECOM representatives in a week," Hari Narayanan told TOI. Hari Narayanan said they are yet to estimate the cost of the project and will think about it only after receiving a study report regarding the linkage project.

                    "As RK Beach is a major tourism destination in the city, we decided to concentrate on revamping it with all possible efforts from our side. The linkage of Uta Gedda with the sewerage water treatment plant is a major project we plan to take up on a priority basis," he added.


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                    • Re : Real Estate Trends in Vishakhapatnam

                      Vizag is the best place for real estate investment

                      Pappula Chalapati Rao, MLC, appreciated the contribution of Vizag Credai Chapter to the overall development of the city, especially housing.TNN | March 06, 2017, 15:00 IST

                      VISAKHAPATNAM: 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 several industries and other projects in the field of tourism, education, and IT are in the pipeline and such development would boost the real estate sector. "Development of six lane roads and 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, said even though the IT sector had a late start in the city, it has picked up in recent years thanks to surplus power supply and other steps taken by the state government. The revenue from the IT sector was Rs 2,000 crore per year and is expected to go up, he added. President of Credai-VSP, GVVS Narayana said there was no possibility of prices of flats coming down, but are likely to rise. P Koteswara Rao, convener of the Property Expo, made a plea for construction of a modern convention centre in the city.

                      Pappula Chalapati Rao, MLC, appreciated the contribution of Vizag Credai Chapter to the overall development of the city, especially housing. G Chakradhar, president, APREDA (Andhra Pradesh Real Estate Developers Association) asserted that demonetisation had no negative impact on the housing sector.

                      He said the master plan of Vizag is being revised. This would take at least one to one and a half years. Representatives from real estate sector should represent to the government and get required changes incorporated in the proposed master plan.


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