Real Estate Investment in Visakhapatnam

Real estate investment in Visakhapatnam

Real estate in Visakhapatnam has probably never seen better times. With the formation of Telangana on June 2^nd 2014, Visakhapatnam became the largest city in the state of Andhra Pradesh. This, combined with burgeoning planned physical and social infrastructure, has piqued the interest of prospective investors in the coastal city Vizag. In fact, the number of people from outside the state investing in the charming coastal city went up from 30% to 50% in the last four months.

Why invest in Vizag?

Even though Vizag hasn’t become the capital city, the up gradation of the city from Tier–2 to Tier–1 is inevitable because of the growing IT sector, economic stability and the cosmopolitan culture that the city enjoys. One of the biggest aspects influencing real estate in Visakhapatnam positively is the reputation of Vizag as an IT/ITES hotspot. Many BPO, SEZ and IT/ITES companies and industries have built base here, resulting in an IT boom of sorts in the coastal city. With the city emerging as an ideal business destination (especially the Vizag–Chennai industrial corridor), the influx of expats, IT professionals and other workers migrating for work increased, thereby resulting in the development and demand for townships, apartments, villas and other residential properties. Moreover, this boom is still in a nascent phase, and more development is expected to happen.

The next biggest aspect for investing in Vizag is its affordability. Vizag is one of those few cities where the salaried middle class group can hope to buy spacious apartments at affordable rates. Under the aegis of VUDA (Visakhapatnam Urban Development Authority), many affordable apartment projects and residential townships have come up, prompting the middle-class to make their way to Vizag. Last but not the least; the city has many charming properties near the beaches, prompting many people to buy second homes here. Areas like Visalakshinagar, Gajuwaka, Sheela Nagar, Pothinamallayya Palem, Yendada and Muralinagar still have reasonably priced properties near the beaches.

Innumerable choices

Today, Visakhapatnam is the only city in Southern India to have real estate potential upto almost 75 km from the main city. Real estate in Visakhapatnam is being developed in the suburban areas surrounding the city such as Madhurawada, Dwaraka Nagar and Duvvada, and even as far as Srikakulam (about 119 km North of Vizag), Denkada (75 km North of Vizag), Madugula (63 km West of Vizag) and Pudimadaka (46 km South of Vizag). Property values have appreciated by almost 15–20% in the last 4 years. Hence, people have a lot of choices in real estate – not only in the main city but in satellite townships as well.

Other aspects

The city has multimodal connectivity, a proactive and responsible administrative setup and favourable government policies attracting investments of all sorts. Not only that, but Visakhapatnam is also home to many state-of-the-art research and development centres and excellent educational institutions. Throw in the salubrious climate and the cosmopolitan culture, and it is no wonder that Vizag is being touted as the City of Destiny and one of the best places to put your money on. This is the right time to invest in an apartment or a villa at Panorama Hills

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by Balaji R via Visakhapatnam, Vizag | Apartments, Flats, Homes, Houses, Plots, Property, Properties, Real Estate, Villas | for Sale | Shriram Panorama Hills