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.
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  • Smart move: Tourists to Visakhapatnam can now hire battery-operated cycles TNN | Jun 23, 2018, 12:07 IST

    VISAKHAPATNAM: Tourists visiting Vizag city can now hire battery-operated cycles for sightseeing and other purposes, thanks to an initiative launched by Greater Visakhapatnam Smart City Corporation Limited (GVSCCL).

    On a pilot basis, the GVSCCL procured 100 battery-operated cycles under the Vizag Smart City project to operate them on the beachfront. GVSCCL has partnered with ‘HexiBike’ to operate the cycles. GVMC commissioner M Hari Narayanan launched the public bicycle-sharing project on Friday. The private agency has set up four docking stations on the beach road with each station having 25 e-cycles, including at YMCA Junction, Pandurangapuram and Kalimatha temple premises.

    GVMC commissioner and GVSCCL managing director M Hari Narayanan said they have launched the initiative on a pilot basis with 100 e-cycles. “GVSCCL will invest Rs 4 crore as the capital cost into the public bicycle-sharing project while the operation and maintenance will be borne by the private agency. The project may take shape in the next three months after completion of the pilot project,” said Hari Narayanan.

    The commissioner added that besides providing an affordable and environmentally friendly mobility option, it would also generate social and environmental benefits for the community. “Users need to download the Hexi App to utilise the public bicycle-sharing project. After availing the e-cycles, the users can return the cycles at any of the docking stations on the beach road,” said Hari Narayanan. GVSCCL had undertaken a planning study for the public bicycle sharing system with the assistance of the World Resources Institute. As part of the planning study, an area of around 18 square kilometres in the central part of the city, including 6 square kilometres of the Area-Based Development part of the Smart City project, was studied for the project.
    Apart from the Smart City project, the GVMC has already procured 50 battery-operated cycles at a cost of about Rs 12 lakh. The GVMC has issued a tender inviting the private players to hand over the operational maintenance of the fleet of these 50 cycles. “We will provide all the needed infrastructure for the project to the private player to operate these 50 cycles. While the agency gets 80% revenue of the project, the civic body takes the remaining 20%,” said a GVMC official.

  • CM gives green light to IT City, integrated museum master plans TNN | Updated: Jun 23, 2018, 12:15 IST
    Chief minister N Chandrababu Naidu

    VISAKHAPATNAM: Chief minister N Chandrababu Naiduhas given his approval to the master plans of the Visakhapatnam Urban Development Authority’s 20-acre Information Technology Hub (IT Hub) project in Madhurawada as well as the Integrated Museum Project on RK Beach road.

    Vuda officials gave a powerpoint presentation to the chief minister on Thursday night at the airport while he was waiting for his flight to Vijayawada. Satisfied with the designs, Naidu directed the Vuda officials to proceed with the projects.

    Vuda will develop an IT tower as part of the IT Hub project. The project will also have commercial, residential and recreational spaces. Apart from the tower block, the IT city will get several blocks for auxiliary social infrastructure, including malls, hotels and multiplexes.

    Vuda inked an memorandum of understanding (MoU) with the state government during the recently concluded Partnership Summit 2018 to facilitate the project. However, Vuda is learnt to be treading cautiously by inviting private parties to gauge the demand for the space that will be created by the project. Based on the demand, capacity planning and other relevant information of the interested parties, Vuda can make tweaks to the planning and execution of its 20-acre IT city project, which will cost a fortune.

    On the other hand, the proposed Integrated Museum and Tourist Complex will integrate the TU-142 aircraft museum, INS Kursura submarine museum, Victory at Sea memorial, Rajiv Smrithi Bhavan, proposed Sea Harrier Museum and other tourist sights in the immediate vicinity of one another on the RK Beach road through underpasses.

    Apart from providing underground parking for 800 cars and 400 two-wheelers, Vuda will reclaim a 2-kilometre stretch of the beach road road by moving traffic flow underground.

    The reclaimed road will be converted into a green space/park. An underground tunnel will be developed for the vehicular flow in this two kilometre stretch, where the traffic will be diverted underground.

    Vuda estimates that the project will cost about Rs 60 crore.