Vizag
comes under the Smart City Project, announced by PM Narendra Modi
that each state will get at least one
Smart City, In PM Modi's words about smart city - very high quality
of life comparable with any developed European city.
The
Narendra Modi government has provided a list of 98 cities, including
24 state capitals for its ambitious Smart Cities project. The list
includes 13 cities from UP, 12 from Tamil Nadu, 10 from Maharashtra,
7 from MP, and 3 each from Bihar and Andhra
Pradesh (Visakhapatnam, Tirupati and Kakinada.)
Smart City means high
quality living, clean roads, IT hubs, and more employment and growth
in the real estate market. It would be helpful for urbanisation. It
has not only a few hours of water supply a day, or electricity that
goes off for several hours, or streets littered with garbage. The
appearance of the city has to be pleasing and clean. There would be
high chances to make the tourist sector more attractive and it will
lead to earn more dollars and it is also a big opportunity for the
Real Estate sector as
it would be a very good investment for the investors with a long-term
vision.
The
Vizag already the hotspot for real estate investments. It is just
picking up pace and the revised land values and sales would pick up
as the conditions are most favourable for buyers in the recent times
and would be more favourable when Vizag will become the Smart city.
Visakhapatnam city is emerging as an alternate destination for
Hyderabad as there are big IT hubs of Andhra Pradesh.
The
foremost reason for boom of real estate in Vizag is higher demand
than supply for last 2-3 years. According to Survey, 10% to 15% hike
observed in property sales. Addition to this the NRI people also
showed the interest in investing in city and it will be increased by
60%-70% in coming years. As a buyer will get the best residential
property in his/her budget.
The
properties near to beaches or ocean views are getting more attention
like TheCelest upcoming real estate project in Gajuwaka offering 2
and 3 bhk luxury flats and duplex apartments are getting more
attention of buyers.
The
VUDA (Visakhapatnam Urban Development Authority) has also boosted the
growth through investing in residential and apartments projects in
Visakhapatnam.
