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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  • Vizagites vote for RK Beach development

    VISAKHAPATNAM: The people of Port City wants the development of RK Beach to be included in the 'Smart City' project that is being taken up by the central and state governments in a phased manner.

    The Greater Visakhapatnam Municipal Corporation (GVMC) last week launched voting website -- - where people could vote for their choice of 'Existing Area Improvement (EAI)'. There are three choices -- Rushikonda Beach, Kailasagiri and RK Beach - out of which Vizagites mainly opted for RK Beach. The corporation plans to close the voting on November 22.

    The EAI has to apply to a region of a minimum of 500 acres and is one of the key elements of 'Smart City' development. As per the data gathered till Tuesday, 9,261 people selected RK Beach, 1,991 people chose Rushikonda and only 1,463 people went for Kailasagiri, GVMC officials said. Incidentally, all the three areas extend to about 500 acres each.

    Confirming that RK Beach has been the pick of Vizagites, GVMC superintending engineer (projects) T Moses Kumar, who is also a part of the project, told TOI: "Till date, the RK Beach area has received the most number of votes. Although we have not finalised the last date of voting, plans are afoot to continue it till November 22. We will consider the area with most votes to be included in the project. After completing the project, we are planning to submit the 'Smart City' proposal to the Centre for its 20 Challenge by December 15."

    Moses Kumar also said that developing entire Vizag as 'Smart City' is a separate project that will be a joint venture taken up by India and the USA. However, developing a 500 acre area is a project that is being taken up by the GVMC for which Rs 1,000 crore will be spent over five years at the rate of Rs 200 crore per year.

    It may be mentioned that the GVMC had convened several meetings and programmes regarding the 'Smart City' project in the past three months to discuss launching of the 'Smart City' campaign. They also held meetings with various stakeholders including senior citizens, social activists, students, media persons, politicians and public servants apart from locals. This apart, the corporation had also conducted public opinion polls through emails and social media.

    GVMC commissioner Pravin Kumar said Vizag had already secured a place among the top 100 contenders in the Smart Cities Challenge and was contesting for a spot among the top 20 cities in the second round.

    "Our efforts are to ensure that Vizag makes a place among the top 20 cities for phase one of the project," he added.










    Vizagites vote for RK Beach development - The Times of India
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  • 'Remove encroachments, clear drains to avoid Chennai-like floods'


    With continuous heavy downpour wreaking havoc in Chennai in the past couple of weeks and throwing life out of gear, Vizagites feel that the Port City has a lesson to learn from the situation in the Tamil Nadu capital. Clearing up drains and removing encroachments are some of the measures suggested by the people of the Port City. Here's what they have to say:

    Inefficient planning a danger to city

    Vizag tops the list of safest coastal cities because it is surrounded by hills that serve as barriers from any type of storms and cyclones. But this belief was shattered when cyclone Hudhud hit the city last year. If continuous rainfall like that in Chennai happens in the city, we will face a lot of problems. Even though the geological features gifted by nature are an advantage to Vizag, human faults and inefficient planning is pushing the city towards danger.

    Hemakshi Polavarapu, Student

    Remove encroachments

    With the central government keen on transforming Vizag into a smart city, we are all looking forward for a better city in all aspects with each of them having its own importance .One of the main civic issue that needs to be looked into first is the city's drainage system. Vizag is nowhere less than a metropolitan city like Chennai. Yet Chennai was submerged only because of its rapid urbanisation giving no space to the drainage system. The Vizag water bodies, mainly the Bay of Bengal, is a plus point for us as it is connected with three major drainage canals of the city. To prevent the city from becoming another Chennai, the administration should take up some measures like imposing fines on encroachments, demolition of illegal constructions, and cleaning up of garbage from major drainage canals.

    Ganivada Lohit, Student

    Low-lying areas will be hit

    If there is a calamity in Vizag similar to that in Chennai, many low-lying areas will be affected. I studied in Gnanapuram near the city railway station and even during normal rainfall, the area gets submerged. As the population has increased over the years and urbanisation has taken place, the situation will be much more severe if the city receives a huge amount of rainfall. In Chennai, the flooded IIT campus was cleared in a few days because of its tree cover. However, other areas were affected because it has become an urban jungle. In Vizag, many of the hills have been encroached upon due to which landslides will be a major problem. We need to have clear drains too if we have to avoid such a situation from repeating here.

    Karunya Pentapalli, Entrepreneur

    Clear drains

    Cleaning of the drainage channels is a major problem in Vizag. We have the sea on one side and hills on the other. If there is a huge rainfall, the blocked drains will affect the residents of the city. A case in point is the HB Colony in Gajuwaka, where even normal rainfall leads to water-logging. We need to have clear drains and the flow of water to Meghadrigedda and Mudasarlova reservoir shouldn't have any obstructions.

    VVGSD Prasad, PSU employee

    Improve infrastructure

    If Vizag is flooded just like Chennai, hundreds of people will definitely die because of the lack of facilities in the city. Vizag lacks a proper drainage system and mechanism to handle such natural disasters. The government should concentrate on improving infrastructure in the city under the disaster management plan. We can't stop natural calamities, but we can do our maximum best to control them by improving the living standards and civic amenities.

    KV Ram Kumar, Doctor

    Eye-opener for Vizag

    To think that Vizag will face a similar disaster itself is a nightmare. Speaking of reality, even we are not entirely ready to avoid the after-effects of such a calamity. The drainage system in Vizag is poor and it gets proven during heavy rains when low lying areas like the Visakhapatnam airport, One Town area, Convent Junction, NMDC Colony, Allipuram, Seethampeta, Kakaninagar, Sheelanagar and Gajuwaka get flooded. As we don't have any rivers flowing in Vizag, the risk of flooding may be less but the problem may arise due to the water stored in the Meghadrigadda, Gambhiram and Mudasarlova reservoirs. The government has already begun laying underground cables for electricity and telecom as a part of the Smart City project. But encroachments and the increasing number of high-rises add up to the problems of improper drainage system. As a whole, I feel the government should take the Chennai disaster as an eye-opener and take the necessary precautions.

    E Chandrika, Headmistress

    For the coming week, we turn the spotlight on the International Fleet Review. The organisers have proposed to introduce passes for attending the event. Do you think passes are needed for entry to the event? Or will it lead to black marketing and distribution only among people with high-level connections? Pick up the megaphone and SAY IT LOUD! If you feel strongly about this or any other issue, mail us at sayitloudvizag.toi@gmail.com. Do not forget to send in a photograph of yours along with your opinion and phone number.









    'Remove encroachments, clear drains to avoid Chennai-like floods' - The Times of India
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  • Civic amenities elude Gavara Kancharapalem


    VISAKHAPATNAM: Resentment is gaining ground among the citizens of Gavara Kancharapalem, where access to civic amenities is still a distant dream.

    Situated between two railway tracks in the industrial belt of the Port City, the people of Gavara Kancharapalem are struggling with poor drainage system, high pollution, lack of transportation facilities and improper roads. Defunct streetlights and dog menace are some of the other problems that plague the residents of the area which was formed in the 1940s.

    There is no road for emergency services like an ambulance or fire engine that bypasses the railway tracks. As many as 2,000 families reside in the area which falls under 43 ward of the Greater Visakhapatnam Municipal Corporation (GVMC). It is surrounded by Gnanapuram Railway Station, Kancharapalem and Visakhapatnam Port.

    According to senior residents of Gavara Kancharapalem, the area was originally formed by railway employees.

    Peela Rama Rao, a Visakhapatnam port employee and vice-president of Gavara Kancharapalem Grama Abhyudhaya Sangham, said the primary problem of the area was lack of connectivity to the core city.

    "If any accident happens or a fire mishap, it is very difficult to get an ambulance or a fire tender into the area as the roads are blocked by the railway line. Nearly 80 to 85 trains pass through this railway line daily. There is no footbridge as well. People are forced to cross the railway track. On Saturday, a boy was run over by a train in the evening when he was crossing the railway line. Old people, children, women and pregnant women have difficulties to move to other parts of the city from here," Rama Rao said.

    "We have made several appeals to the MLA, railway officials, collector and GVMC commissioners. We are ready to leave the area if the government provides another suitable location for us to live. But none of the authorities have responded to our pleas so far," said Kalla Thatha Rao, a senior citizen of the area and former executive member of the Sangham.

    Another resident K Srinivasa Rao said the GVMC should redesign the canal system in the area in a scientific way to reduce the problem of mosquitoes, stench and stagnation of the canal water. "Mosquitoes, pigs and dogs thrive on the unhygienic condition of the roads and canals that run along the main canal passing underneath the railway line," Srinivasa Rao said.

    Another resident, P Maha Lakshmi, said some residents occupied the areas near the drainage canal and build houses thus interrupting the proper passage of sewerage. "The GVMC should take proper measures to improve the canal system," Lakshmi said.

    GVMC commissioner Pravin Kumar said that the GVMC is taking efforts for developing Gavara Kancharapalem. "However, I request the residents of the area to come up with their issues to the corporation for resolving them in a phased manner," he said.








    Civic amenities elude Gavara Kancharapalem - The Times of India
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  • Inspection reveals lapses in Harita housing project


    Visakhapatnam: The inspection report prepared by the Empanelled Inspection Agency (EIA) appointed by the Vuda Harita Allottees' Association (VHAA) on the Vuda Harita Housing Project revealed that it has several lapses because of which no successful allottee wants to take possession.

    After having lost confidence in the state government as well as the Visakhapatnam Urban Development Authority (Vuda), VHAA members themselves appointed the EIA to inspect the quality of the houses that the Vuda built in a gated community that was designed by Singapore-based consultant Jurong.

    The EIA, consisting of two architects and two certified civil engineers, inspected 200 select houses out of the total 710 in just two weeks in December and submitted the report to the VHAA, which subsequently forwarded a copy of it to the Vuda.

    According to the findings of the inspection, even toilets and bathrooms have not been built in a proper manner. The parking lots have also been built unscientifically. The report stated that it would be difficult to either park or come out of the parking lots. Basic mandatory spacing of minimum 2.5 feet between each parking space was not maintained in the project that was built on an area of nearly 20 acres, the report said.
    VHAA president GAN Bhukta said, "Water from the bathroom flows into the main hall in some of the houses. The parking spaces are also defectively built. The AP government's emphasis on the Singapore government and their designing and infra companies like Jurong for building our new capital Amaravati seems to be heading towards a disaster." He further added that Vuda vice-chairman T Baburao Naidu expressed dissatisfaction after going through the report and told his staff to correct the issues.

    VHAA had appointed the EIA in October by paying nearly Rs 5 lakh for which they had collected Rs 500 each from the beneficiaries of 120 LIG houses, Rs 750 from the 490 MIG houses and Rs 1,000 from the 100 HIG houses.






    Inspection reveals lapses in Harita housing project - Times of India
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  • 'APCRDA master plan does not adhere to reorganisation act'


    Visakhapatnam: The master plan prepared for the capital city Amaravati was inconsistent with the intent and spirit of Section 6 of the AP Reorganisation Act, observed former finance and energy secretary to the Government of India, EAS Sarma.

    He said that the master plan prepared by the Andhra Pradesh Capital Region Development Authority (APCRDA) was a hurriedly prepared document and the site chosen for the capital city was not in line with the Terms of Reference (TOR) stipulated by the Union home secretary vide his DO letter No 12012/03/2014-SR dated March 28, 2014, for the Sivaramakrishnan committee appointed in pursuance of Section 6 of the AP Reorganisation Act.

    Sarma pointed out that the TOR required the committee to keep in view the need to cause 'the least possible dislocation to existing agriculture systems as well as ensure minimum resettlement of people and their habitations', to ensure 'preservation of local ecology and natural features including water bodies', make a 'vulnerability assessment for natural disasters like floods, cyclones and earthquakes' and 'assess the scope for minimising the cost of construction and acquisition of land'. He observed that none of these terms were met and all the aspects have been totally ignored.

    Sarma further added that the master plan does refer to the fact that the capital city site is flood prone and also fails to analyse the historical data on the intensity of the floods and provide risk mitigation measures including the need to raise the level of the building foundations and their feasibility consistent with the financial capability of APCRDA.

    He said that the huge coal-based thermal power plant at Ibrahimpatnam has high chimneys spewing toxic pollutants, which include mercury, lead, cadmium, arsenic, sulphur, radioactive uranium and thorium. Since the tallest multi-storeyed buildings in the capital city would still be within the command of these chimneys, it could pose a serious health hazard for the residents of the capital city, he added.

    Sarma further stated that even the national norm regarding allocation of land for weaker sections in all city master plans to the extent of 25% was being ignored while in the capital zone it has been brought down to 5%.







    'APCRDA master plan does not adhere to reorganisation act' - Times of India
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  • MANOJa;:
    As of March 11 2016 the AP Capital Region Development Authority contains,
    CRDA = VGTM area(Vijayawada, Guntur, Tenali, Mangalagiri) + Amaravathi
    CommentQuote
  • Govt to regularize unobjectionable encroachments


    Visakhapatnam: The AP government has decided to launch a scheme for regularization of unobjectionable encroachments in government lands by way of dwelling units up to 500 square yards in the state.

    GO MS No 118 issued by the revenue department on Wednesday said: "It has been brought to the notice of the government that a large number of families have encroached government lands and constructed dwelling houses and they have represented to regularise these encroachments as many of them are unobjectionable. The regularization on one hand will remove the hardships of the people and on the other hand will enable the government and the concerned to have a planned development in these localities."

    The GO further said, "The matter has been examined in consultation with the special CS (chief secretary) and chief commissioner of land administration, AP. Accordingly, a scheme of regularization of unobjectionable encroachments in government lands by way of dwelling units is hereby approved. This scheme will be applicable to Tadepalligudem Airfield lands also."

    Three committees including - a sub-division level approval committee (SDLAC) for cases upto 150 square yards, a district level approval committee (DLAC) for cases from 151 to 250 square yards and a state level approval committee (SLAC) for cases from 251 to 500 square yards - are to be formed to scrutinize the applications.

    As per the regularisation scheme, the amount payable for regularization is 60% of basic registration value for land with an extent of 1 to 150 square yards, 75% of basic registration value for 151 to 250 square yards and 100% of basic registration value for 251 to 500 square yards.

    The cut-off date for occupation by constructing dwelling units has been set as January 1, 2014. "The unobjectionable encroachments by way of constructing dwelling units (RCC roof building/ houses, asbestos roof with brick walls) only shall be considered. Vacant lands or vacant lands with thatched huts with a motive to establish the occupation shall not be considered."

    While the maximum area for consideration is 500 square yards, the GO said, "Any family whether below poverty line (BPL) or above poverty line (APL) shall be eligible for regularization provided it does not have any other house anywhere in the state. The BPL families occupying up to 100 square yards which were covered for regularization under GO Ms No 296, revenue (released in August last year) shall not be eligible under this scheme."

    The application may be filed within 120 days after the scheme commences at any Mee Seva centre and if no application is filled within the stipulated period, necessary action will be taken to remove the encroachment as per law, the GO said.

    The state government has said, "Only unobjectionable encroachments in government lands shall be considered for regularization."
    However, the GO said that sites affected under the alignment of master plan / zonal development plan/ road development plan, constructions which have come up in open spaces of approved layouts, constructions made on alignment of water bodies, graveyards, foreshore or FTL areas of drinking water tanks / irrigation tanks and treatment areas, areas earmarked for treatment plants, green belts, buffer zone, will not be considered for regularization. Also, sites falling under MFL of rivers, sites required for public purpose, and lands, which in the opinion of the committee are highly valuable, cannot be considered for regularization.








    Govt to regularize unobjectionable encroachments - Times of India
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  • Flat owners in Vizag bear the brunt of low rentals, high EMIs

    Explaining the situation, a flat buyer from PM Palem located about 14 km from the RTC Complex, Srinivasa Murthy (name changed) said, "I purchased a 1,000 sft flat for Rs 22.5 lakh.
    Manish M | TNN | 14 June 2016, 1:00 PM IST

    VISAKHAPATNAM: Unlike their counterparts in the Vijayawada-Guntur region, flat buyers in the Port City are distraught as they are not only having to deal with stagnant rentals, but also having to pay out higher EMIs (equated monthly instalments) on home loans taken to purchase flats in the city. Flat owners depending on home loans for purchasing their dream homes lament that they are shelling out more than double the actual rental amounts prevailing in the city to pay their EMIs.

    Explaining the situation, a flat buyer from PM Palem located about 14 km from the RTC Complex, Srinivasa Murthy (name changed) said, "I purchased a 1,000 sft flat for Rs 22.5 lakh. I had taken a home loan for Rs 16.5 lakh over a period of 20 years and my monthly EMI works out to around Rs 16,000. However, the rental in our area is around Rs 4,500-Rs 5,000. So, I'm paying triple the rent amount prevailing in the area for EMI."

    Furthermore, he said, "In fact, I am paying only Rs 5,500 for a two-bedroom house near Ravindranagar, which is much closer to the city. Due to the pressure from family members to own a house of our own, I took the decision to buy a flat and now I am wondering if it was a wise decision. The only solace is that I will have a flat of my own after 20 years."

    While Murthy's case is that of a first time flat owner, even those who purchased their second flats as an investment are also wondering if it would have been better if they had bought plots instead, for which the prices have been steadily increasing.

    "We purchased our second flat thinking that we would get good rentals as Vizag is the largest city and we will witness a huge growth here due to the growth of IT sector and other industries. But now, I am paying Rs 8,000 more than the rent that I am getting at Madhurawada," observed Ramachandra Rao, a central government employee.

    According to developers, the major cost factors in construction of flats is due to land cost component and also due to taxes such as the service tax and registration fees. "The land cost component forms around 50-60% minimum on the outskirts, whereas it is around 70% in the core areas of the city. The land prices have a cascading effect on the apartment prices," opined a builder from the city. "If you take a flat costing around Rs 22.5 lakh, then the service tax comes to around Rs 1.1 lakh and apart from that people also have to shell out registration fees which adds to the burden," he said, adding that unless there is an increase in migration to the city due to new industries, flat purchasers will have to bear the brunt.







    Flat owners in Vizag bear the brunt of low rentals, high EMIs | ET RealEstate
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  • Vizag admin to tackle land litigation cases

    Sources in the district collectorate said over 15,000 land litigation cases in the entire district are being handled at various levels by revenue department officials.
    TNN | 16 June 2016, 2:30 PM IST


    VISAKHAPATANAM: Increase in the number of patta holders, rapid urbanisation and the presence of realtors have led to a steep rise in the number of litigation cases concerning allotment or ownership of land.

    Sources in the district collectorate said over 15,000 land litigation cases in the entire district are being handled at various levels by revenue department officials. Collector N Yuvaraj pointed out that the number of cases have gone up in almost all the districts of the state. He said, "Some of the litigations are regarding family disputes and encroachments. In the case of Inam lands, many such properties are yet to be settled."

    The collector also observed that at a time when land prices are sky-rocketing, even a few cents are of great value. However he pointed out that the district administration as well as the state government has been conducting an exercise to ensure that litigation cases comes down. One such step according to the district officials is the computerisation of existing records and easy access to land details and accounts.

    Meanwhile, revenue officials said this the state government's decision to go digital would ensure a great deal of security to land owners and keep away land sharks. However, many farmers have complained that the computerisation drive is flawed. A farmer from Ramannapalem, Ch Ganesh said, "There are at least 500 people in our village with online passbooks that are riddled with errors. In some cases the extent of the land is wrong while in others, the names have been changed or wrongly typed."

    K Suresh, another farmer from Rambili said, " I own 12 acres of land in the village. However, the online records show only 11 acres in my name and another one acre has been accounted for as government poramboke. They have even got my name wrong. They should employ people with writing and typing skills to do the work and more importantly, the local surveyors must conduct full-fledged physical surveys to get the facts right."




    Vizag admin to tackle land litigation cases | ET RealEstate
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  • Few takers for Vizag devpt body's row housing project at Rushikonda

    Recently Vuda has started putting banners in different parts of the city, which mentions that 56 units are still vacant.

    Manish M | TNN | Jul 04, 2016, 02.30 PM IST


    VISAKHAPATANAM: The row housing project at Rushikonda taken up by the Visakhapatnam Urban Development Authority (Vuda) has fallen flat if the response from the people is any indication. As many as 56 of the 88 row houses are still vacant. The project was taken up three years ago.

    Initially 22 units were allotted through open auction, whereas two years ago, Vuda had called for applications from interested public for allotting 65 row housing units through an open auction. However, recently Vuda has started putting banners in different parts of the city, which mentions that 56 units are still vacant.

    The row housing project nestled between two IT hills at Rushikonda was developed on an area of 6.78 acres close to the Vizag-Bheemili beach road as a gated community in European model with duplex type houses. Vuda had provided various amenities such as solar fencing, solar water heaters for each of the housing units.

    Out of the vacant 56 units, while 40 are west facing units, 16 are east facing units with different plinth areas ranging from 2,066 sft to 2,386 sft. The row housing units were sold for prices ranging from Rs 71.5 lakh to Rs 76.5 lakh during the second round of auctions held between August and October 2013.

    According to a Vuda official, the rates for the row housing units ranges from Rs 71 lakh to Rs 83 lakh depending on the plinth area of the units. He said, "We are getting some enquiries from people, after we put up the boards displaying the property."

    "Even though Rushikonda is a beautiful place, the location of the row housing unit is sandwiched between two hills and doesn't give a view of the beach. Also, while designing the project, a common wall between two units, which is not being readily accepted by people," observed an apartment developer, requesting anonymity, from the city.

    He said, "Another factor is that after paying Rs 70-75 lakh, why go for an apartment in some remote location. Buyers can instead look at areas like Kirlampudi or Seethammadhara itself, which is closer to the city. Moreover, there was no boom in IT as expected in that area."

    Another builder also noted that west facing houses are not preferred by customers from this region. "Lot of people look at Vastu and west facing houses are avoided by customers from around here," he said adding, "Also there are no other facilities in the neighbourhood. If people have to purchase anything including groceries then they either need to go to Madhurwada or to Sagarnagar."







    Few takers for Vizag devpt body's row housing project at Rushikonda | ET RealEstate
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  • Property registrations drop in north coastal AP

    Visakhapatnam witnessed a decline of 27.9% in registrations, while Vizianagaram (19.7%), Srikakulam (8.6%) and Anakapalli (14.1%) also recorded a similar trend.

    TNN | Jul 09, 2016, 01.00 PM IST

    VISAKHAPATNAM: Property registrations in the three north coastal districts of Srikakulam, Vizianagaram and Visakhapatnam slowed down in the first three months of the current fiscal as compared to the corresponding period of the 2015-16 fiscal. Factors such as surge in property prices last year coupled with excess supply of realty projects are reasons along with prevalence of inauspicious dates for the slowdown.

    Visakhapatnam witnessed a decline of 27.9% in registrations, while Vizianagaram (19.7%), Srikakulam (8.6%) and Anakapalli (14.1%) also recorded a similar trend. The revenue collection in Visakhapatnam stood at Rs 105.14 crore during the first three months of 2016-17 fiscal as against Rs 145.83 crore during the corresponding period of 2015-16. Similarly, Anakapalli too registered only Rs 41.81 crore collections in the current fiscal as against Rs 48.70 crore last year.

    The situation was no different in Vizianagaram despite the district witnessing a boom in property registrations, especially after the Bhogapuram airport project was announced. Revenue collection in the district stood at Rs 44.19 crore in the first quarter of 2016-17 as against Rs 55.10 crore during the corresponding period of 2015-16, whereas in Srikakulam, it dropped from Rs 25.65 crore in 2015-16 to Rs 23.42 crore in 2016-17.

    According to realtors, layout prices in the three districts have shot up by around 20-30% depending on the location within a span of two years, and if the trend continues, it can lead to a drop in demand. "The last three months were very bad for us. People are not getting areas of their choice as the rates have shot up and if they are looking for something that matches their budgets, then they have to go to places away from the highway. Not many are happy with the choices and cost comparison," observed Sriram (name changed), a layout developer near Sabbavaram.

    Echoing the view, apartment developer D Raj Kumar of Vizianagaram said, "Innumerable layouts have sprung in the last two years. A lot of people from the three districts itself have purchased properties here. Considering the demand, layout developers have also increased rates. Maturity levels among buyers have also increased and they are looking at different factors before they finally make a purchase."

    Another builder, who didn't want to be named, said, "Many of the purchases reached the agreement level and then shelved. Customers are choosy and those planning to buy about 2-3 km away from highways are worried if infrastructure like roads will be available. Also, it will take some time before a lot of announcements made by the government turn into a reality. So many are adopting the wait and watch approach. We noticed similar trend in 2007 and 2008, when there was a boom and later in 2009 it dropped. Excessive pricing can lead to a similar situation, but we will know for sure in the next two months, when a lot of auspicious dates are available."







    Property registrations drop in north coastal AP | ET RealEstate
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  • Residential buildings go commercial in Vizag for better rentals

    According to realtors, the residential-turned-commercial buildings rake in 20-30% higher rentals when leased out as office-space as compared to residences.
    TNN | Jul 15, 2016, 12.30 PM IST

    VISAKHAPATNAM: With an eye for better rentals, a large number of residential buildings are being converted into commercial spaces in residential localities across the city.

    Whether it is MVP Colony, Seethammadhara, CBM Compound, Maharanipeta, Akkayyapalem, Ramnagar, Balajinagar, Dabagardens or localities on the outskirts such as Madhurawada, there is a surge in residential flats and individual houses being rented out as commercial establishments to run a business.

    According to realtors, the residential-turned-commercial buildings rake in 20-30% higher rentals when leased out as office-space as compared to residences. While flat owners are laughing all the way to the bank, residents are peeved with additional traffic, lack of parking space, increased waste generation and above all an increased noise in their localities.

    Schools and day-care centres, restaurants, clinics, office-space for banks, real estate agents among others use these residential-turned-commercial buildings in the city.

    "The peaceful life of a residential locality is spoilt by the presence of commercial shops," opined KV Krishna Kumar of MVP Colony. He said, "More number of people start coming to these offices and park vehicles wherever they want to, causing inconvenience to the public. In addition to that, sometimes there are fights that we have to bear. There are innumerable curry points that are springing up and creating a huge mess of the entire area. Due to this dogs, cows and crows are also increasing."

    Nanduri Ramakrishna of MVP Colony said, "Some of these people are not leaving the footpaths and are even encroaching the roads. As a result, residents are facing accidents and getting exposed to unhygienic conditions."

    CPM city secretary B Ganga Rao said, "Commercial spaces should not be allowed in residential areas. It causes a lot of inconvenience to the people. Most of it takes place due to political influence and the GVMC should take action against people who are violating the regulations."

    Responding to the issue, GVMC commissioner Pravin Kumar said, "If specific issues are brought to our notice, then we will take action as per rules."







    Residential buildings go commercial in Vizag for better rentals | ET RealEstate
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  • Manoj/All,
    What is your opinion on Bheemili? I see it to be good, but the market prices in Bheemili, do not compare with Anandapuram/Bhogapuram/Tagarapu valasa which became hot in the last 5 years.
    My observation is Bheemili real estate prices are less compared to other above mentioned areas.
    Do you agree? Do you see a future for Bheemili? Do you believe other places mentioned above will have better prospects compared to Bheemili?
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  • Visakhapatnam development body to accept invalid currency GVMC deputy commissioner for revenue V Ravindra said the corporation is also getting a tremendous response from tax payers.TNN | November 18, 2016, 12:30 IST

    VISAKHAPATNAM: Visakhapatnam Urban Development Authority (Vuda) has started accepting the invalid Rs 500 and Rs 1,000 from Thursday. Confirming this, Vuda secretary A Srinivas said they have instructions from the government to accept the notes as payments from people.

    ​Meanwhile, APEPDCL officials said they were getting a tremendous response from the public in the form of deposits of Rs 500 and Rs 1,000 currency notes. They received nearly Rs 110 crore through the banned notes since November 11. A senior official from APEPDCL said they also launched a special campaign to raise awareness among people about using the banned currency to pay pending arrears.

    GVMC deputy commissioner for revenue V Ravindra said the corporation is also getting a tremendous response from tax payers.

    On the other hand, a senior official from department of posts said they received nearly Rs 10 crore of deposits and exchanges in the four districts on Thursday but added that the response was ​less when compared with the previous days as the situation has improved.







    http://realty.economictimes.indiatimes.com/news/regulatory/visakhapatnam-development-body-to-accept-invalid-currency/55487850


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  • 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.






    http://realty.economictimes.indiatimes.com/news/residential/realtors-in-vizag-turn-focus-on-independent-houses/55631049

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