Visakhapatnam Metro Rail: The first phase of the Vizag Metro Rail (VMR) is expected to be completed by December 2018. Industrial development and IT companies in and around the city will increase job opportunities and lead to rise in demand of residential real estate. The project anchored on an 800-km segment of NH 16 has Visakhapatnam as one of the four proposed industrial nodes around which the project plans infrastructure development such as better connectivity, power transmission and distribution network and other urban services.
Visakhapatnam-Chennai Industrial Corridor: Chief Minister Chandrababu Naidu wants to make this corridor the next Silicon Valley of India. For more affordable options (around Rs 50 lakh), look towards Gajuwaka,Murli Nagar and Pendurthi Road. Properties here will cost you between Rs 75 lakh and Rs 1 crore. Residential locations, which are expected to witness capital appreciation in the next five years include Seethamadhara, Madhurawada, MVP Colony, Packer Layout, Lawson’s Bay Colony and Rishikonda. Since 2010, the city has seen good demand for plots and apartments. Visakhapatnam has been drawing the attention of real estate investors. Sivaramakrishnan, Head-Residential Services, CBRE India. “The bifurcation of Andhra Pradesh has opened up new locations in the state to development,” says A.S. One of the largest harbours in India, it is the commercial hub of the state.īoasting good infrastructure and home to a rapidly growing IT industry, the city is attractive from a real estate perspective. Visakhapatnam Visakhapatnam, or Vizag, is the largest city in Andhra Pradesh-in terms of area and population. Pharma SEZ: The dedicated pharma SEZ will come up near Bhubaneswar. Another Rs 998 crore has been sought from Japan’s Official Development Assistance for infrastructure development in the area. Paradip SEZ: Being set up at Kalinga Nagar, Paradip SEZ Limited received central assistance of Rs 3 crore. More industries have expressed interest and would be allotted space shortly. Kalinga Nagar Industrial Complex: The complex will cover 13,000 acres, of which 9,906 acres have already been allotted. Six laning of the NH-5: Part of the Golden Quadrilateral project, six-laning of the highway would help vehicles move faster within city limits. Large commercial projects: The DLF Cybercity and Unitech One projects are expected to generate employment.
Infra projects that could influence real estate prices Properties in upmarket Kharavela Nagar, Saheed Nagar and Nayapalli can cost up to Rs 1 crore. Rs 50 lakh will fetch properties in upcoming areas like Hanspal, Patrapada, Kanan Vihar and Uttara. Independent bungalows and duplexes score over apartments here. New developments are mostly in the north and south-west of Bhubaneswar, propelled by the presence of Infocity–1 and KIIT’s deemed university. The arrival of national-level players like Assotech, Vipul and Tata has forced local developers to become more process oriented. "Real estate activity by private players has only become prevalent in the last two decades,” says Saurabh Mehrotra, National Director, Advisory Services, Knight Frank. As most of the available land is government owned, the real estate market is well-regulated. This in turn has boosted real estate development.
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