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VisakhapatnamThe registration value of land has increased by about 30% in different parts of : Visakhapatnam,
Prices have been hiked by more than 50 per cent in some parts of Kurmanapalem, Yendada, Anandapuram, talvalsaSontyam, Ramavaram, etc. The increase in registration value has also been extended to flats and agricultural land.
Soon after the state government announced its proposal to make Vizag the executive capital in 2020, there was a huge increase in the market value of land, especially in suburbs like Achuthapuram, Bheemili. Anandapuram, KurmanapalemSabbavaram, Pendurthi, etc. However, since then, the market has stabilized with prices almost in the same range due to the ongoing uncertainty over working capital transfers.
According to realtors and builders, the revised land prices may now have a negative impact on the real estate market in Vizag, at least in the initial months.
They claim that the hike may discourage potential buyers, especially from the middle-class sections.
The impact of the revised prices on transaction volumes in Visakhapatnam may take some time to be fully known.
General Secretary, CREDAI AP Chapter & Immediate Past President, Vizag Chapter Bayana Srinivasa Rao said that COVID-19 had severely affected the transaction volume in the real estate sector in the first two years since the onset of the pandemic.
“Prices going north will only shatter the dreams of potential middle class buyers. The sharp rise in the prices of construction materials has made housing already costlier. Now with the increase in the registration value of open plots and flats, it will become more expensive for the common man. Srinivasa Rao,
Some potential buyers are finding home prices in Visakhapatnam more expensive as compared to suburbs in other cities.
“Connectivity to the city and local infrastructure is the biggest issue for buying a flat or plot on the outskirts of Visakhapatnam. At the same time, the prices of land and apartments in the core city are beyond the reach of the common man. While flats in the main city are being sold at ₹7,000 to ₹10,000 per sq ft, plot prices in many parts of the city exceed ₹1 lakh per sq yard. Who moved from East Godavari to Vizag.
Meanwhile, VMRDA has started developing several MIG layouts in the districts under its jurisdiction. The allotment of these fixed price plots will be done on the basis of lottery.
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