Announcement

Collapse
No announcement yet.

Real Estate Trends in Vishakhapatnam

Collapse
This is a sticky topic.
X
X
Collapse

Real Estate Trends in Vishakhapatnam

Last updated: August 6 2020
304 | Posts
  • Time
  • Show
Clear All
new posts
  • #41

    #41

    Re : Real Estate Trends in Vishakhapatnam

    VIP Road Vizag's new realty hotspot

    VISAKHAPATNAM: True to its name, VIP Road is turning out to be one of the most sought after addresses for commercial and residential properties in the Port City. At least five commercial and residential properties are under various stages of construction along the nearly 1 km long stretch that is already home to several restaurants, an eye hospital, a two-wheeler showroom and several other commercial offices.

    According to realtors, the demand for property on VIP road has been gaining traction in the last few months, with rates of commercial properties there almost at par with those in major business hubs such as Asilmetta Junction, Siripuram and Sampath Vinayaka Temple Road.

    Sources said that the price for residential property on VIP Road is going at around Rs 5,000 per sft, whereas commercial rentals are hovering around the Rs 100 per sft mark. The commercial rentals in Siripuram range from Rs 80 to Rs 100 per sqft, that in Sampath Vinayaka Temple Road between Rs 100 to 120 per sqft, Dwarakanagar around Rs 80 to 100 per sqft and Asilmetta Junction at Rs 80 to Rs 110 per sqft.

    A realty source said that one of the buildings under construction on VIP Road, which will have 14 floors with 11 floors for residential and three floors from the ground for commercial activities, has already been sold out. "As per our information, one of the floors is going to be taken up for a showroom by a Japanese-based electronics giant. The building has been sold out even while the construction is still going on," he said. Referring to the prospects of properties on VIP Road, another realtor said, "It will be a fantastic place for business in the next two years." Pointing out that an Indian lifestyle retail giant is eyeing one of the commercial properties on the road for huge store, he said: "While some of the other properties are yet to be taken up, we are sure that even they will be snapped up in the next few months," he added. "The new rates for commercial property rentals will be around Rs 100 to 110 per sqft on par with other properties located in the city."

    Sources said that along with the 14-storeyed building coming up on the road, other properties include a four-storeyed commercial complex and an eight-storeyed building among others. "The space around VIP Road is just in the neighbourhood of other upmarket shopping hubs like Siripuram and Sampath Vinayaka Temple Road. More importantly, it is very near to the RTC Complex and also not far away from Maddilapalem, which is another important junction. Topping it up is the fact that such a huge space for developing properties with clean land records can be rarely found in either Siripuram or Sampath Vinayaka Temple Road. This will make it an exciting place in the coming days," a leading realtor developing residential apartments in Madhurawada said.

    "This is actually a welcome development because the realty sector has not being too great in the last couple of years due to the economic slowdown. We hope this will give a boost to the market."









    VIP Road Vizag's new realty hotspot - The Times of India
    Please read IREF rules | FAQ's

    Comment

    • #42

      #42

      Re : Real Estate Trends in Vishakhapatnam

      Visakhapatnam Urban Development Authority to protect its open spaces

      VISAKHAPATNAM: The Visakhapatnam Urban Development Authority (Vuda) has evolved an action plan to protect the open spaces earmarked in all its own layouts. Vuda vice-chairman N Yuvaraj issued concrete directions to officials to take immediate steps to identify the boundaries of open spaces in all the 49 Vuda layouts developed in Visakhapatnam and Vizianagaram districts and raise protection walls around them.

      During his visits to many layouts, he observed the lack of compound walls, collapsed protection walls and even encroachments. While Vuda insists on private developers to maintain open spaces strictly as per the layout rules and utilization for the earmarked purpose, Yuvaraj said that he intends to make Vuda into a role model and had hence initiated steps to safeguard the open spaces.

      Yuvaraj directed the officials of the planning, estate and engineering wing to identify all the open spaces without boundaries and start constructing protection walls in all the Vuda layouts. He further directed the officials to remove encroachments, if any, found in Vuda layouts. The open spaces will be transferred to the concern local bodies through registered sale deeds, Yuvaraj said.










      Visakhapatnam Urban Development Authority to protect its open spaces - The Times of India
      Please read IREF rules | FAQ's

      Comment

      • #43

        #43

        Re : Real Estate Trends in Vishakhapatnam

        'Focus on infrastructure development crucial for meeting future needs'

        VISAKHAPATNAM: With cargo movement expected to increase during this decade at the Visakhapatnam port, it is important to focus on the development of road infrastructure, Confederation of Indian Industry (CII)'s Vizag zone chairman G Sambasiva Rao said here on Tuesday.

        Addressing a round table conference on infrastructure development activities and challenges of Vizag on Tuesday, he said that emphasis should be on improving and expanding roads in the city. Also, vehicle terminals and parking lots along with footpaths for pedestrians are crucial to ensure the city has no traffic chaos in the coming years, he said.

        Pointing out that the port was expected to handle around 200 million tonnes of cargo by 2020, he said that all stakeholders including Greater Visakhapatnam Municipal Corporation (GVMC), Visakhapatnam Urban Development Authority (Vuda) and the city police need to plan ahead to meet the increasing vehicular movement.

        Speaking on the occasion, architect and urban planner Anil Laul called for the need to improve infrastructure by constructing flyovers at NAD, Maddilapalem and Gajuwaka. At the same time, he said traffic should flow in a seamless manner without any interruptions due to frequent traffic signals.

        Union minister of state for commerce and industry D Purandeswari said that safety and augmentation of infrastructure is necessary in order to cater to the increased trade in coming years. Purandeswari said that she will take up the matter by involving all the concerned departments to make the city safe and sustainable for future growth.

        Highlighting the recent efforts for safer roads being taken up by the police department, police commissioner B Shivadhar Reddy said that more stringent measures are in the offing against motorists who flout rules.









        'Focus on infrastructure development crucial for meeting future needs' - The Times of India
        Please read IREF rules | FAQ's

        Comment

        • #44

          #44

          Re : Real Estate Trends in Vishakhapatnam

          Andhra University panel to check Haritha Housing Project quality

          VISAKHAPATNAM: A team of experts from Andhra University civil engineering department has been entrusted the task of acting as the third party quality control agency for the much-anticipated Haritha Housing Project at Madhurawada by the Visakhapatnam Urban Development Authority (Vuda).

          "In fact, the third party quality control team has been checking the project since July 2013, but Vuda revealed this only on Saturday," a Vuda officer told STOI. The team led by Professor Rambabu is staying at the project site to fulfill the assignment. The internal and external quality control checks deal with the assessment of the quality standards of the material and construction activity and recommend remedies for lapses, the officer added.

          Meanwhile, Vuda vice-chairman N Yuvaraj said, "The procurement of each and every material such as sand, iron, bricks, pipes, electricity supply material and all other types of construction tools are being checked by these quality control teams, simultaneously along with construction works. The checks will continue till completion of the project works".

          Inspecting the Haritha project on Saturday, Yuvaraj said construction work at most of the 10 blocks of HIG, MIG and LIG units was nearing completion. He also pulled up contractors for delays in slab work

          in HIG and LIG blocks and warned them that they would be slapped with penalties and severe action would be taken against them. The VC said that since the delays would damage the image of Vuda and lead to further dissatisfaction among the allottees, contractors and engineers should put in their best to complete the works before the deadline.

          He also directed the engineers to take up infrastructure works such as street lighting, construction of compound wall, hospital, community hall and shopping complex simultaneously and complete them before the announced time limit.








          Andhra University panel to check Haritha Housing Project quality - The Times of India
          Please read IREF rules | FAQ's

          Comment

          • #45

            #45

            Re : Real Estate Trends in Vishakhapatnam

            GVMC mulls developing parks on vacant plots

            VISAKHAPATNAM: In a move that might come as a breath of fresh air for the Port City facing rising pollution and urbanization, the Greater Visakhapatnam Municipal Corporation (GVMC) is finally working on a plan to give the city some lung space. The civic body is surveying open or unused vacant plots of land within its limits, including Anakapalle and Bheemili, with an eye on developing them as public parks.

            Revealing this to media persons here on Monday, GVMC commissioner MV Satyanarayana said that the Municipal Administration and Urban Development Authority (MAUD) is keen on developing open places in the municipal or corporation limits across the state on a priority basis.

            Upon requests from MAUD, the corporation has already issued a circular to commissioners of all the eight zones to enumerate the number of open or unused vacant plots in their limits by forming a separate committee comprising members like zonal commissioner, assistant city planner and executive engineer (works).

            "Currently, all the zonal heads are preparing the list of open places within their limits. The corporation will get the full data of open places in a week. The data will be forwarded to MAUD, which will entrust the task of financially supporting the corporation to develop the identified open places as parks to some government agency. We hope all the paperwork will be completed by the end of this month," Satyanarayana added.

            Meanwhile, GVMC's horticulture officer M Damodara Rao said that as per preliminary reports, GVMC presently has 856 open and unused plots within its limits. As per preliminary information, the government was negotiating with the AP Urban Finance and Infrastructure Development Corporation Limited to financially support civic bodies in this endeavour.

            "Only two zones, Zone-VI and Bheemili, have submitted their survey reports of open places in their limits on Monday. We are yet to go through the report. We hope that the remaining six zones will submit their survey reports by this week end. If everything goes well, all the vacant places will be developed as parks by the ensuing summer," Damodara Rao told TOI.

            Elaborating on the plan, Rao said: "The government wanted to develop open spaces into three types of parks -- mini parks, neighbourhood parks and community parks. Any vacant or unused plot measuring about 2,000 square yard to one acre located less than 0.4 km from a residential locality or colony can be categorized as a mini park. Similarly, open spaces ranging from 5-10 acres can be considered for neighbourhood parks while plots over 10 acres can be developed as community parks," Rao explained.






            GVMC mulls developing parks on vacant plots - The Times of India
            Please read IREF rules | FAQ's

            Comment

            • #46

              #46

              Re : Real Estate Trends in Vishakhapatnam

              Visakhapatnam Urban Development Authority to draw lots for Haritha allottees seeking change

              VISAKHAPATNAM: The Visakhapatnam Urban Development Authority (Vuda) will be conducting a draw of lots on February 23 for allottees who submitted requests seeking change of category of units in the Haritha housing project.

              The draw of lots will be conducted from 10 am onwards at the 'A' Block of Vuda Udyog Bhavan and the applicants have been informed to attend the process either directly or through authorized representatives along with the allotment orders and copies of the requests submitted.

              Vuda vice-chairman N Yuvaraj said in a press release that the requests for change of category will be considered for those applicants who have already cleared their dues up to the fifth installment. The changes will be restricted only to the 49 units that have fallen vacant as a result of withdrawal of allotment by the allottees, he added.

              Yuvaraj further said out of the total 661 allottees in the project, 114 are yet to clear their fourth and fifth installments and have been told to pay up immediately to avoid penalties. The allottees have been given time till April 30, 2014 to pay up their sixth and last installment.

              "The details of the pending installments have been placed on the Vuda website -- www.vuda.gov.in -- for the benefit of the allottees. Steps will be taken to issue a separate notification for allotment of the remaining available units in the Haritha project after completing the process of change of categories," Yuvaraj said.

              On Thursday, Yuvaraj directed the in-charge secretary and chief accounts officer D Vijaya Bharathi and chief engineer I Viswanatha Rao to make arrangements for completing the process.









              Visakhapatnam Urban Development Authority to draw lots for Haritha allottees seeking change - The Times of India
              Please read IREF rules | FAQ's

              Comment

              • #47

                #47

                Re : Real Estate Trends in Vishakhapatnam

                Vizag realty all set to take wing

                VISAKHAPATNAM: The reality of state bifurcation may be slowly sinking in for the people of Seemandhra, but for the realtors there's no time to be lost. In the last fortnight, the sector has seen hectic activity with realtors in the Port City stating that the number of enquiries for purchasing property has shot up by nearly 25-30% during the last two weeks following the passage of the T Bill in Rajya Sabha on February 20. They expect the number of buyers to increase at the onset of April, when the new financial year takes off.

                Speaking to TOI, senior manager (sales and marketing) at Shriram Properties T Ravi Shankar said, "The interest is definitely visible. There have been quite a lot of enquiries during the last two weeks. People from Chennai, Hyderabad and the US have been calling up. Once certain things related to the special package are disclosed, we can definitely expect the queries to translate into property sales."

                According to him, there is definitely going to be increased buying once infrastructure projects or major educational institutions such as an IIT or IIM are allocated for this region. Also, he pointed out that once the buying spree gets underway, prices may also head northwards in the next two months.

                Concurring, Swathi Promoters managing director Ramesh Reddy said, "There is a substantial increase in enquiries from people in the neighbouring districts as well as some people from Rayalaseema." Noting that purchases are also expected to start soon, he said: "Enquiries are a good symptom. If 10 people enquire, then one person will purchase. During this month, finalisation of accounts and such aspects take precedence. People also need around one month's time to pool resources together for purchases. We can see some activity during the next month."

                Optimistic about growth in realty in the coming days, managing director of Chilukuri Housing Project, Srinivas Chilukuri, said, "Previously people were not quite sure if the division of the state will take place. But now that everything is finalised and only the decision pertaining to the selection of the capital city for residual Andhra Pradesh is left, people know that apart from Hyderabad, Vizag is the only other place with a bit of IT presence. So this will spur growth in the coming days."

                At the same time another realty consultant said, "Usually a change of government also plays a crucial role. Whenever a new government comes to power, we can expect some announcement of projects that will give a boost to real estate activity. So any positive announcements in the coming days about Vizag can trigger a boom time for real estate."










                Vizag realty all set to take wing - The Times of India
                Please read IREF rules | FAQ's

                Comment

                • #48

                  #48

                  Re : Real Estate Trends in Vishakhapatnam

                  Visakhapatnam Urban Development Authorities urges property buyers to be cautious of bogus realtors

                  VISAKHAPATNAM: With the bifurcation sparking off a race to purchase property, Visakhapatnam Urban Development Authorities (Vuda) authorities have urged buyers to be cautious, especially while buying plots.

                  "Anticipating the development of Vizag post bifurcation, there has been a mad scramble to acquire property. People should thoroughly examine the background of realtors and layouts before purchasing. They can also approach Vuda for clarifications and cross-check the LP number of the layout where they want to purchase a plot," said a Vuda official.

                  "People don't even buy chocolate without checking its expiry date or other factors like quality and quantity, but strangely they get trapped easily in realty frauds," said a senior Vuda official.

                  Vuda has already blacklisted 37 developers as on March 7, mostly at Sabbavaram, Payakaraopeta, Achyuthapuram, Bhogapuram, Rambilli, Payakaraopeta, Anakapalle and Kothavalasa during enforcement raids.

                  Vuda vice-chairman N Yuvaraj said that unfair practices in the realty business cannot be controlled merely by enforcement measures by Vuda or other authorized agencies against bogus layouts or developers but it is the property buyers who should thoroughly check the antecedents of developers. "At our end, we have so far blacklisted some layouts during enforcement raids and put up the details of the blacklisted layouts on the Vuda's site," Yuvaraj said, warning illegal property developers of stringent action.

                  According to VV Sreenivasa Rao, who represents Democratic Youth Federation of India (DYFI), as many as 13 bogus private financers-cum-realtors had duped lakhs of people of nearly Rs 20,000 crore in the last two years in the realty business in Vizag district alone.

                  Sreenivasa Rao, who is also co-ordinator of the Visakhapatnam district unit of Sodhana, a reach organization of Sundarayya Vignana Kendram, said a survey conducted by them at Jaggannapeta village of Achyuthapuram mandal in Visakhapatnam district had revealed that nearly 800 households out of the total 1100 households in the village were victims of bogus financial-cum-realty services firm Secured Investment Making Services (SIMS). "Government agencies should take steps to check such fraudulent firms before they come in contact with the people," he said.






                  Visakhapatnam Urban Development Authorities urges property buyers to be cautious of bogus realtors - The Times of India
                  Please read IREF rules | FAQ's

                  Comment

                  • #49

                    #49

                    Re : Real Estate Trends in Vishakhapatnam

                    Govt housing projects fuelling juvenile sexual crimes?

                    VISAKHAPATNAM: It may seem strange, but some of the serious sexual offences committed by juveniles are indirectly being triggered by the government's one-room welfare housing projects in slum areas, claim officials associated with state government run children welfare organisations and NGOs.

                    Since the entire family is cramped in a one-room house, children and teenagers of impressionable age are exposed to the bedroom activities of the family elders as well as uncensored television programmes, which are pushing them towards anti-social behaviour, they pointed out.

                    Not only juvenile sexual crimes but such one-room housing projects, where 4-8 family members are huddled together in urban slums, trigger other social taboos and crimes such as incest and child abuse, say social scientists.

                    Advocate Abdul Raqueeb, a member of the state government's child welfare committee and former member of Juvenile Justice Board, Vizag, pointed out, "At the time of in-camera counseling with juveniles caught for committing crimes of sexual nature, we found that the dwelling plan plays a major role in shaping the psyche of these teenagers, most of whom are in the vulnerable age bracket of 13-17 years. Asked how they got involved with sexual offences, the children confided that they just tried to emulate what they see their parents or other family members in their room do. The illiterate or semi-literate parents don't even realise that the child is watching them in a compromising position. And the juvenile offender doesn't even understand the gravity of the crime or its implications."

                    Further, instead of reducing the age of juvenile offenders' from 18 to 16 years as is being mulled by different organizations at the national level, it's imperative that family elders be regularly counseled to exercise caution and planners of housing projects display the foresight to anticipate such socio-psychological problems of one-room houses and instead construct two rooms for families with growing children, added advocate Raqueeb.

                    According to NGOs, even though sexual crimes committed by juveniles aren't frequent, one or two out of every 10 crimes of various types are committed by them and the home atmosphere has been found to play a crucial part. K Swarna Kumari, secretary, Mahila Action NGO and a member of the state government's child welfare inspection committee, stated, "The tiny 50-square yard homes comprising a single bedroom, kitchen and washroom for families offer no privacy and are giving rise to socio-psychological complexities. It's the nature of children to emulate or copy whatever they see without understanding the consequences. The television channels and CDs that are viewed uncensored by the children in that same room and seeing the father or other elder males of the family coming back home in an inebriated state also nudge them towards sexual offences and alcohol addiction."

                    Other social problems and offences associated with such housing include incest and sexual abuse. Professor of social work at Andhra University ABSV Ranga Rao averred, "We find that besides witnessing sexual activities of elders and ography, living in a one-room house often leads to incestuous relationships between brother and sister or even sexual abuse of the adolescent girl child by the father or uncle living under the same roof, though such tabooed relationships remain under-reported. Therefore, even though government's welfare housing projects are welcome, they should be judiciously planned taking the socio-psychological consequences into consideration."

                    All these activities have long-term socio-psychological implications on the vulnerable teenagers and push them towards anti-social and sexually deviant behaviour, maladjustment and sexual crimes, pointed out sociologists and psychologists.

                    Psychological counsellor at the Government Juvenile Home, Visakhapatnam, Rama Murthy, said, "There are around 80 children in our home at present. Around 25-30 deviant kids need regular counselling every month. Some of these kids committed sexual offences after regularly witnessing carnal activities or extramarital affairs of their parents and even fathers beating up their mothers. Watching the mother with other men led to hatred and anger towards women in the long run. As curious children copy whatever they see, parental education and counselling is equally important in such areas so that parents exercise caution while behaving in front of children."







                    Govt housing projects fuelling juvenile sexual crimes? - The Times of India
                    Please read IREF rules | FAQ's

                    Comment

                    • #50

                      #50

                      Re : Real Estate Trends in Vishakhapatnam

                      Vizag North in search of basic amenities

                      VISAKHAPATNAM: The Visakhapatnam North Assembly constituency may be considered upmarket comprising as it does several upmarket areas like Seethammadhara, Sithampeta and Marripalem, but when it comes to basic infrastructure such as roads and water supply it leaves a lot to be desired. What's more, slums have sprung up in certain areas like Thatichetlapalem and Kancharapalem proving to be a sore spot in the segment.

                      That perhaps explains why controlling vehicular traffic, revamping roads, 24x7 water supply, construction of junior college, upgradation of polytechnic and ITI institutes as well as removal of slums are some of the major issues that are on top of the mind of voters in the segment.

                      Irked at none of the earlier elected representatives, including Tynala Vijaya Kumar (2009 to 2014), having satisfactorily resolving the issues plaguing the Assembly segment during their tenures, many voters in the constituency said they were tired of representatives making tall promises and were looking forward to someone who could address their basic needs.

                      The Assembly segment comprises areas like Seethammadhara, Sithampeta, TPT Colony, Gurudwara, Resapuvanipalem, Maddilapalem, Lalitanagar, Narasimhanagar, Akkayyapalem, NGGOs Colony, Madhavadhara, Gandhinagar, Railway New Colony, Venkateswara Colony, Shanthinagar, Kancharapalem, Jai Bharat Nagar, Marripalem and Kapparada, Gollalapalem, Thatichetlapalem, Gavara Thatichetlapalem, Saligramapuram, Nakkavanipalem, Vidyutnagar and Satya Sai Nagar.

                      Most of the roads in the constituency, especially those connecting the National Highway-16 to the RTC bus station at Dwarakanagar via Sitampeta, Akkayyapalem and Lalithanagar, and to Seethammadhara have been in a pathetic condition for the last five years.

                      K Nageswara Rao, a Seethammadhara resident and retired railway employee who has worked under the Secunderabad-based South Central Railway, said: "Vehicular traffic and the bad condition of roads are the main problems. Though drainage system and other amenities are relatively better, the roads in particular have been neglected by the authorities," Rao said.

                      Apart from roads, education too is a key concern for voters in the area as the long-pending proposal of a junior college at Marripalem is lying unfulfilled. "Educational institutions like the government polytechnic, ITI and some degree colleges are languishing due to neglect in the past five years," said K Ramana Chari, a pan shop vendor in the area.

                      Pragada Srinivasu, secretary, Association for Regional Tribal Development (urban wing), pointed out, "Slums are the black spots in the otherwise posh Vizag North constituency. The elected representatives will have to work sincerely for a slum-free Vizag North segment by allocating houses and employment opportunities to the slum dwellers, most of whom are migrant workers from neighbouring areas and states. Most of the slums are located at Thatichetlapalem and Kancharapalem," he added.

                      However, sitting MLA Tynala Vijay Kumar, who bagged the seat on a Congress ticket and is now eyeing a YSRCP ticket, said he had proposed a 1.6 km long road tunnel project passing through Simhachalam Hills from Narasimhanagar with financial support from the state and central governments to ease traffic woes of the segment as a major chunk is connected with NH-16 and other arterial roads. He blamed the lack of cooperation from the Congress government as well as the Samaikyandhra stir for his inability to see the project through. "Traffic problems here can be resolved by repairing roads, developing subways and laying the tunnel," he said.

                      Meanwhile, according to election officials at the Visakhapatnam collectorate, the constituency had a total of 2,53,617 voters as on January 31, 2014, including 1,26,847 male and 1,26,770 female voters. "The number of voters may increase as new voters have registered for voter identity cards on March 9 as well," Suryanarayana Murthy, superintendent, Election Cell, said.







                      Vizag North in search of basic amenities - The Times of India
                      Please read IREF rules | FAQ's

                      Comment

                      Have any questions or thoughts about this?
                      Working...
                      X