The real estate industry in Andhra Pradesh has been in turmoil ever since the politicians had a glimpse at the Telangana map. The government’s move to grant a separate state of “Telangana” might have gravely upset many over the issue of a divided Andhra Pradesh, but it has certainly given a boost to the local real estate industry in Visakhapatnam. The major Seemandhra (areas to be a part of A.P. after the states separate) cities of Tirupati, Ongole, Kurnool, Vijayawada and the coastal city of Visakhapatnam have seen an upswing in real estate activity after the Centre’s announcement on Telangana.
The Telangana issue has been grabbing headlines for the past few years as the heat of the movement adversely affected the capital city Hyderabad’s real estate. Since the political, economic and the social ramifications and effects of the issue hung precariously in balance, investors saw it better to withdraw investments from the city and property prices dwindled by as much as 20%–30%. It was then that the real estate focus in the state shifted to the peaceful and tranquil coastal city of the state and also the second largest city after the capital, Visakhapatnam. As the outlines of the Telangana map became clearer, the real estate in Visakhapatnam gained momentum and has been steadily increasing since then.
There are numerous reasons for this phenomenon even though the coastal city has no political leaders interested in developing it. The growth has been due to some important aspects such as the fact that Visakhapatnam is the only city after the state capital Hyderabad to have an international airport. Morever, important pockets within the coastal city such as Bheemli, Bogapuram, Tagarapuvalasa, and Madhurawada are expected to witness tremendous real estate growth due to them being clean, green and pollution free. All these reasons are being cited as the natural potential of Visakhapatnam to develop as a capital, post the division.
Another aspect that works in Visakhapatnam’s favor for it to be preferred as the next state capital is that the Port city was the first to recover from the real estate lull that hit the state when the global recession struck the country back in 2007–08. The city witnessed a boom in the real estate market, land prices shot up, private as well as government real estate companies (such as the VUDA – Visakhapatnam Urban Development Authority) initiated development plans and numerous projects had already been planned. All the above reasons turned Visakhapatnam into the city of choice and destiny for real estate developers and investors.
Even with the ambiguity related to the final state lines on the Telangana map, Visakhapatnam is already poised to take on its impending and hopeful role as the next state capital with world-class infrastructure, a well-connected railway and road network, and an international airport. In retrospect, the Telangana issue will only drive the real estate in Visakhapatnam upwards, and the charming coastal city has the potential to be the next real estate symbol of the state of Andhra Pradesh.
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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
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