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: 4 days ago
315 | Posts
  • Time
  • Show
Clear All
new posts
  • #81

    #81

    Re : Real Estate Trends in Vishakhapatnam

    '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
    Please read IREF rules | FAQ's

    Comment

    • #82

      #82

      Re : Real Estate Trends in Vishakhapatnam

      MANOJa;:
      As of March 11 2016 the AP Capital Region Development Authority contains,
      CRDA = VGTM area(Vijayawada, Guntur, Tenali, Mangalagiri) + Amaravathi
      Last edited March 11 2016, 06:08 PM. Reason: User tagging.

      Comment

      • #83

        #83

        Re : Real Estate Trends in Vishakhapatnam

        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
        Please read IREF rules | FAQ's

        Comment

        • #84

          #84

          Re : Real Estate Trends in Vishakhapatnam

          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
          Please read IREF rules | FAQ's

          Comment

          • #85

            #85

            Re : Real Estate Trends in Vishakhapatnam

            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
            Please read IREF rules | FAQ's

            Comment

            • #86

              #86

              Re : Real Estate Trends in Vishakhapatnam

              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
              Please read IREF rules | FAQ's

              Comment

              • #87

                #87

                Re : Real Estate Trends in Vishakhapatnam

                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
                Please read IREF rules | FAQ's

                Comment

                • #88

                  #88

                  Re : Real Estate Trends in Vishakhapatnam

                  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
                  Please read IREF rules | FAQ's

                  Comment

                  • #89

                    #89

                    Re : Real Estate Trends in Vishakhapatnam

                    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?

                    Comment

                    • #90

                      #90

                      Re : Real Estate Trends in Vishakhapatnam

                      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.indiatim...rency/55487850


                      Please read IREF rules | FAQ's

                      Comment

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