CREDAI state general secretary K. Subhash Chandra Bose. Arrangement , Photo Credit: Special Arrangement
State general secretary of Confederation of Real Estate Developers Association of India-AP Chapter K. Subhash Chandra Bose said that with the government’s initiative in the development of Bhogapuram International Airport and other developmental activities, the realty sector in Vizianagaram and surrounding areas would grow rapidly in the year -2023. being taken up in the Vizianagaram-Visakhapatnam section.
The Fort City was expected to witness at least 25% growth, with positive signs for the realty sector, he said.
Mr Subhash said that many people from Visakhapatnam were buying flats in Vizianagaram, where property prices were relatively lower compared to Visakhapatnam.
“Prices in Visakhapatnam have increased rapidly in the last few years. The cost of each flat in the outskirts of Visakhapatnam is also around ₹60 to ₹75 lakh. Hence, many home buyers are investing in Vizianagaram with the availability of luxury flats around Rs 40 to 50 lakhs. Since the travel time between Visakhapatnam and Vizianagaram is hardly an hour, many working people are also buying their dream homes in Fort City. It is relatively easy for them to buy property in Vizianagaram as their income matches with the home loan requirement,” said Mr. Bose
“Fortunately, Vizianagaram has the best civic infrastructure like corporate schools, multiplex theatres, super-specialty hospitals. All these factors are going to help the realty sector in the city which is heading towards Visakhapatnam,” he said.
He expressed hope that after the commencement of construction of Bhogapuram International Airport, more builders would take up new projects.
“Fortunately, cement and steel rates were recently reduced. This is a good sign for realtors to take up new projects which have been stalled for the last three years. CREDAI expects to construct at least 80 new projects in the new year-2023,” said Mr. Bose who is also the Managing Director of Pride Developers.