Realty biz picks up after easing of curfew in Vizag

Visakhapatnam: REALTY businessmen are in a cheerful mood in the city, the proposed executive capital of Andhra Pradesh after relaxation of curfew timing.

Though there has always been demand for land in the city even before bifurcation of State and announcement of executive capital, the construction of activity came to a halt due to enforcement of Covid-19-induced curfew for 18 hours. With relaxation from 6 am to 6 pm, construction has resumed with renewed vigour due to availability of workers.

Credai Vizag chapter chairman B Srinivas Rao told Bizz Buzz that the demand for affordable housing has gone up manifold after executive capital decision by the YSRCP Government. He said the Stamps and Registration Department records clearly showed that the registration of apartments is very high in all the areas of the city. He said the demand for vacant sites has remained unchanged due to robust industrial base and cosmopolitan outlook of the city.

Though there is delay in shifting of capital due to court cases and outbreak of Covid-19 pandemic in March, 2020, enquiries for large parcel of land on the city outskirts and for buying high-end apartments/villas in gated communities are on the rise.

A glaring instance was the recent auction of a few vacant plots on the city suburb at Dakamari. While upset price per square yard was fixed for four plots by Visakhapatnam Metro Region Development Authority (VMRDA) was Rs17,000, they were sold at Rs 25,100. Interestingly, before the auction private layout developers were selling plots at Rs 10,000 to Rs 13,000 per square yard. "This clearly shows the future of realty in the city," an IT employee remarked. With the city turning into a concrete jungle, the land prices are appreciating fast. In a record of sorts, the government fixed the bidding price for 13.59 acres in posh Harbour Park area sometime ago at Rs106.80 crore per acre.

State-owned NBCC (India) Ltd was engaged to e-auction the high-value land. However, it was stayed by the High Court on receipt of objections by certain litigants. The said land was allotted by the erstwhile Telugu Desam Government to UAE-based LuLu Group for construction of an international convention center, a shopping mall and a five-star hotel. After coming to power the YSR Congress Party scrapped the deal alleging violation of norms and environmental guidelines.