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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  • Need to identify land for housing soon: Vizianagaram collector
    The district collector announced that 800 acres of land has been identified so far and the land is being prepared for housing projects. Jawahar Lal added that another 600 acres of land needs to be identified.TNN | November 29, 2019, 15:00 IST

    VISAKHAPATNAM: District collector of Vizianagaram, M Hari Jawahar Lal urged RDOs and revenue authorities on Thursday to identify government land for the housing construction project being taken up in the state by the government.

    The district collector announced that 800 acres of land has been identified so far and the land is being prepared for housing projects. Jawahar Lal added that another 600 acres of land needs to be identified.

    He further said that more than 1,400 acres of land will be required considering the total number of beneficiaries. “Officials must speed-up the process of identifying and securing government land and acquire private land if need be,” he said, while pointing out that land acquisition will be a lengthy and expensive process.

    Joint collector M Venkataramana Reddy said that the process of land identification as well as of securing the properties must be completed soon as house construction will have to begin during Ugadi.












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  • Visakhapatnam: 5,000 acres of government land to be surveyed for housing scheme


    He further added that field level teams have been appointed to conduct a spot survey to find out the present status of all government land.TNN | December 19, 2019, 18:30 IST File photo


    VISAKHAPATNAM: District joint collector M Venugopal Reddy announced on Wednesday that the administration would take up the task of surveying 5,000 acres of government land for housing purpose in the next five days.

    Making the announcement, here on Wednesday at the collectorate, the joint collector observed that the exercise was being taken up as part of the Navaratna- Housing for Poor scheme. He urged associate departments to coordinate and ensure the successful implementation of the programme.

    He further added that field level teams have been appointed to conduct a spot survey to find out the present status of all government land.

    Venugopal Reddy ordered the tahsildars to ensure the successful completion of the audit survey and provide land records such as the Fair Adangal, 1-B, SF-A, FMB, village map and other records to help conduct the audit survey and identify the squatters on government land. He further added that the details of the audit survey must be compiled and updated online on a daily basis.












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  • Municipal water eludes Visakhapatnam suburbs as residents, builders tussle over charges
    While developers and flat owners blame the GVMC for being reluctant to provide them with water connections, officials of the civic body claim that most apartments do not comply with the mandatory civic norms. Arpit Basu | TNN | Updated: December 31, 2019, 17:11 IST

    VISAKHAPATNAM: Many apartment complexes, both small and big, do not have water connection from the Greater Visakhapatnam Municipal Corporation (GMMC) in residential suburbs like Madhurawada, PM Palem and Yarada. While developers and flat owners blame the GVMC for being reluctant to provide them with water connections, officials of the civic body claim that most apartments do not comply with the mandatory civic norms.

    “All necessary documents and taxes were paid to GVMC about eight months back. But the civic body is yet to provide water connections,” alleges Shiv Varma, a real estate developer who has a few projects in Madhurawada area.

    Residents, however, are blaming both the developers and the civic body for their plight. “We have already complied with all norms as briefed by the GVMC officials. But even after eight months we have not received the connections,” said A Ashoka Kumar, a PM Palem resident.

    Most residents in these areas are dependent on underground water for their daily needs. But many borewells do not have the capacity to meet the water needs of the areas which are growing at a fast pace. The problem becomes particularly acute during the summer season, when the water level dips.

    Representatives of CREDAI too said that most developers comply with the norms. But as per the GVMC’s resolution, it is the duty of all residents (flat owners) to complete the final formalities once they take possession of the flats. “We can’t escape without completing the formalities. Our job is to pay the application amount for water supply while submitting the building plan without which it won’t be sanctioned,” said P Kotweshwara Rao, former president of Visakhapatnam chapter of CREDAI.

    Most of the houses in these localities came up when there was no GVMC water connection. As per the norms, there are charges for different categories of flats and complexes which exclude the installation charges (for pipelines and meters). Finally, the users need to pay the usage charge for the water they consume,.

    A senior GVMC official explained that though the developers had paid the connection charges at the time of sanction of the building plan, the tussle starts at the time of installation on who would pay the installation charges. “Developers refuse to pay the installation charges, arguing that it’s no more their responsibility as they have already sold the flats. But the residents say it’s the developers’ duty to pay the installation charges. Several applications are pending at our zonal offices. As of now, only a few residents have paid the charges and complied with the norms. But we can’t provide water individually and have to wait until and unless all residents of the affected complexes comply with the norms,” he explained.











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  • SIT finds violation in land allotments in Visakhapatnam
    The SIT chief Vijay Kumar on Friday told media that there were violations in land allotments, issuances of no objection certificates. Siva G | TNN | January 04, 2020, 18:00 IST



    VISAKHAPATNAM: The Special Investigation Team (SIT) probing the alleged tampering of government land records is likely to submit an interim report on January 10.

    The SIT chief Vijay Kumar on Friday told media that there were violations in land allotments, issuances of no objection certificates. “Officers ranging from mandal revenue rank, collectorate and higher level officials were involved in some cases. We will name the beneficiaries and the officers in our report,” Vijay Kumar said.

    YV Anuradha, member, SIT, said they would recommend criminal action against a few officers for violation of rules. “We will examine whether the officers had followed the procedure or not,’ she said.

    The SIT had focused on three subjects – change of classification of land, most probably 22 A, NOC lands given to ex-servicemen and political sufferers and government lands allotted to private institutions and individuals.

    Of the 266 petitions on land classification change, 257 were referred to tahsildars and 111 reports reached the SIT. Sixty-one petitions were rejected, 19 cases examined and recommended to the collector to delete 22 A on those lands.

    Bhaskara Rao, member, SIT, said they would recommend action against the officers found involved in tampering of records.

    “We have identified the officers who were involved in the illegal activity. If necessary, we will go for field verification of land,” he said.

    The SIT said it has informed petitioners about the status of their petition, including petitions were rejected or accepted.

    The SIT received 43 NOC petitions and examined 68 petitions given to the previous SIT—30 cases were examined and would be part of the interim report.















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  • Outskirts of Visakhapatnam witness real estate boom
    Plots in areas beyond Visakhapatnam district towards Vizianagaram and Bhogapuram were not only more affordable, but also far closer to the area earmarked for building the executive capital. Venkatesh Bayya | TNN | January 14, 2020, 13:00 IST

    VISAKHAPATNAM: The proposal to set up the executive capital in the outskirts of Visakhapatnam has resulted in a real-estate boom towards Vizianagaram and Bhogapuram, way beyond GVMC limits and outside the district.

    Sources in CREDAI disclosed that there was a major real estate boom in these areas, even more than the outskirts of Visakhapatnam. They pointed out that plots in areas beyond Visakhapatnam district towards Vizianagaram and Bhogapuram were not only more affordable, but also far closer to the area earmarked for building the executive capital.

    Chilukuri Srinivas, vice-president, CREDAI, said, “It is quite natural for real estate boom to occur in these areas. Colonies within GVMC limits have been built choc-a-block and most of the projects are apartment projects. But beyond Tagarapuvalasa, towards Bhogapuram and Vizianagaram, there are many large gated housing site projects which are still affordable. Hence, the boom.”

    Srinivas added that the boom in these areas was touching a100% mark after the executive capital proposal was made. “ If you take the 7km stretch just beyond Tagarapuvalasa, where Visakhapatnam district ends and Vizianagaram district begins, the hike in the last one month has been 100%.

    The rate per square yard towards Bhogapuram has gone up from Rs 10,000 to Rs 15,000. However, towards Vizianagaram town, the jump is 100 per cent from close to Rs 10,000 up to Rs 20,000.” Explaining the reasons for the incredible jump in rate per square yard, Srinvas pointed that a plot of land will always have better value than an apartment, which is one of the reasons many are willing to invest in plots.

    He added that people would prefer to buy a plot of 200 square yards for Rs 20,000 per square yard, rather than a 1,000 square-feet apartment for the same price in Madhurawada area. “Vizianagaram and Bhogapuram would be far closer to the administrative area, rather than much of the present city of Visakhapatnam,” he said.

    The number of VMRDA approved layouts are also on the rise, sources in the Engineering department pointed out. There are close to 100 approved gated housing communities towards Vizianagaram and Bhogapuram.









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  • Visakhapatnam: Hazy picture on CRZ norms violations
    In the last few years, several activists from the city had filed RTI queries seeking the status of constructions in the city violating CRZ norms. However, the civic body has not replied to a single RTI.Arpit Basu | TNN | January 18, 2020, 15:00 IST

    VISAKHAPATNAM: Are builders in Visakhapatnam flouting Coastal Regulation Zone norms and constructing buildings along the coastline of the Port City?

    In the last few years, several activists from the city had filed RTI queries seeking the status of constructions in the city violating CRZ norms. However, the civic body has not replied to a single RTI.

    “Along the 136-km-long coastline of Visakhapatnam district we have identified around 37 constructions violating norms. Most of them are within the city limits. There are more constructions which are under the scanner. But the civic body is not paying any heed to our RTI queries,” said Arijili Dasu, an activist protesting against illegal constructions on Beach Road.

    Activists said, the constructions include both private and government properties — hotels, residential and commercial complexes and even a temple by an international organisation.

    “The stretch from Rushikonda towards Bheemli on Beach Road is most vulnerable. A few properties violating CRZ are under construction on this stretch. The government and the local civic body should stop these projects,” said Sohan Hatangadi, an environmentalist from Visakhapatnam.

    The Supreme Court on September 27, 2019 directed the Kerala government to demolish flats built on the coastal zone of Kochi's Maradu in 138 days and to pay Rs 25 lakh interim compensation to each flat owner within four weeks. Following this, a section of activists in Visakhapatnam are also planning to move court.

    “If GVMC does not take steps against these constructions we have to think about moving court. The size of Visakhapatnam beach is shrinking by the day and this will eventually have a significant impact on the environment,” added Dasu.

    When TOI contacted builders in the port city, they said they had all necessary clearances from authorities concerned. “We don’t want to comment on the issue. We are not doing anything illegal and we have required clearances from authorities for whatever it is that we are doing,” said a builder from Visakhapatnam.

    GVMC officials claim they are not giving any ‘fresh’ permission for construction on Beach Road. “We have roped in a private agency from Chennai and they would soon submit a status report on what we can do along the coastline,” a GVMC official added.













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