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Apartments, big and small, regular and premium, gated communities are springing up in the area. Nearly 50 per cent of all real estate work in happening here.
Realty projects are mushrooming across Anandapuram and Bhogapuram in Vizag city in anticipation of a rise in demand.
With the city tipped to become the executive capital of Andhra Pradesh, realtors expect this region to become the heart of new development.
The expectation is bolstered by the region set to get a greenfield airport and metro rail connectivity. Apartments, big and small, regular and premium, gated communities are springing up in the area. Nearly 50 per cent of all real estate work in happening here.
Confederation of Real Estate Developers Associations of India (Credai-AP) expressed in its recent annual general body meeting that Vizag city has a lot of potential for growth of the real estate sector.
“Vizag was a real estate hotspot even in united AP due to its geographical advantage. Now, with the executive capital proposal in horizon, Vizag’s real estate market is extending towards Vizianagaram,” Credai vice-president B Raja Srinivas.
Credai members said that the price of flats in these areas will likely range between Rs 40 lakh to Rs 3 crore.
More flats are expected to come up in the Rs 50–70 lakh range considering affordability, they said while adding that demand is higher at Bheemili, Anandapuram and Bhogapuram where there are a lot of vacant sites available and there is good road connectivity.
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