Property in Visakhapatnam

Property in Visakhapatnam

Often called the 'Jewel of the East Coast', Visakhapatnam is a port city located on the southeast coast of India. In fact, it is the third largest city on the east coast of the country. The city is the administrative headquarters of Visakhapatnam district in Andhra Pradesh, which is another name for the city.

Visakhapatnam is situated amidst the hills of Eastern Ghats. Resting in these hills, the city faces the mighty Bay of Bengal. Like Goa to the west, Visakhapatnam has many pristine beaches and picturesque areas. Climatically, the city enjoys high humidity as it is situated on the edge of the sea. The temperature does not change much throughout the year. Hence, the location of the city and its climate attract tourists throughout the year.

Visakhapatnam is an industrial city. Apart from a major steel plant, it hosts several other state-owned heavy industries. It also houses the country's oldest shipyard and India's largest naval base - INS Kalinga. Health-tourism is becoming an industry in the city. This industrial landscape attracts migrant workers from across the country.

Visakhapatnam is an industrial powerhouse, despite the fact that it was traditionally a fishing town. Today, both industry and fishing coexist in their respective fields.

Visakhapatnam is also a center for export of iron ore and other minerals. The surrounding states are mineral rich areas and are transported by rail or road and then exported to countries like China

Connectivity

Visakhapatnam is connected by air through Visakhapatnam airport. Daily flights connect the city to important domestic cities such as Mumbai, Delhi, Bengaluru, Chennai, Kochi and Kolkata, and international cities such as Singapore and Dubai.

The city is connected by rail to various cities in the states of India. Visakhapatnam railway station is on the Chennai Central-Howrah station route. A suburban railway station named Duvvada Railway Station is being developed as a satellite hub to improve train service in the city.

National Highway 5, a national highway that is part of the Golden Quadrilateral project, connects Visakhapatnam to other major Indian cities. Cargo transportation takes place through this system. City roads connect the residents of Andhra Pradesh to various towns and cities

Visakhapatnam Infrastructure

Due to the rapid industrialization of Visakhapatnam over the past decade, there was a dire need to develop supporting infrastructure to boost the city's economy. Both the central and state governments have invested money for development activities such as increasing water supply to the city, developing roads and improving sewage and drainage systems.

The Visakhapatnam Urban Development Authority (VUDA) has over the years focused on undertaking green projects and widening the roads. Once the Bus Rapid Transit System (BRTS) is implemented, traveling within the city will become even easier. In addition, the city is well connected by road, rail and air. The airport is, in fact, being converted into an international airport.

Visakhapatnam Real Estate Market

As several major software players have announced their plans to set up offices in the city, the prices of the Visakhapatnam real estate market have skyrocketed.

VUDA is launching several mega-housing projects in Visakhapatnam. These projects will have average and large sized apartments

The city witnesses a competition between bungalows and individual homes and high-rise apartments in Visakhapatnam

The city is witnessing NRI investment with the development of several NRI-specific projects. The lush green surroundings of Kapulaupada and Rushikonda are home to a number of luxury villas, apartments and farmhouses for NRIs to stay in.

The Confederation of Real Estate Developers Association of India (CREDAI-AP) in its recent Annual General Body meeting expressed that Visakhapatnam city has great potential for development of the real estate sector.

B Raja Srinivas, Vice President, Cradle, told TOU, “Visakhapatnam was a real estate hotspot even in the combined AP due to its geographical advantage. Now, with the working capital offer in the horizon, the real estate market of Visakhapatnam is moving towards Vizianagaram. "

Jedai members said that the price of flats in these areas is likely to be between Rs 40 lakh and Rs 3 crore.

More flats are expected to come in Rs 50-70 lakh, he said, adding that demand is high in Bhimili, Anandapuram and Bhogapuram, where there are lots of vacant sites available.

 

Infrastructure Projects

 

Name Of The Project

Impact Areas

Remarks

Panchavati Township (gated community housing)

Akkireddipalem

Integrated township with lush green landscape, community center, solar fencing, and so on.

Beach Park on Visakhapatnam-Bheemili Beach Road

26-km region stretching from Visakhapatnam to Bheemili

As a part of developing tourism infrastructure for attracting tourists from across the globe

Construction of Indoor Stadium at Rajiv Sports Complex

Viziananagaram

The stadium hosts a running track, and other outdoor-game courts like tennis and badminton courts.

Haritha Housing Project

Endada

A mega-housing scheme, aiming to build a massive Singapore-type housing society.

Project Telugu Culture and Heritage Museum

Kailasagiri

Establishment of Telugu Samskritika Niketanam, a museum whose intention it is to promote Telugu culture and heritage from the time of the Satavahana era