Real estate business in Visakhapatnam put up a ‘good show’ in 2023
The Hindu
2023 has been a ‘positive’ year for the real estate business in Visakhapatnam. According to sources, the business activity has been good this year when compared to that of 2022. Properties including flats, plots and villas worth about ₹1,500 crore were sold this year and the realtors attribute to several reasons— the ongoing works of Bhogapuram International Airport project which, they say, raised the hopes of the buyers and investors, the launch of some industries on the city’s outskirts, opening of Infosys camp office, and the visibility of speedy completion of the Chief Minister’s proposed camp office building at Rushikonda.
2023 has been a ‘positive’ year for the real estate business in Visakhapatnam. According to sources, the business activity has been good this year when compared to that of 2022.
Properties including flats, plots and villas worth about ₹1,500 crore were sold this year and the realtors attribute to several reasons— the ongoing works of Bhogapuram International Airport project which, they say, raised the hopes of the buyers and investors, the launch of some industries on the city’s outskirts, opening of Infosys camp office, and the visibility of speedy completion of the Chief Minister’s proposed camp office building at Rushikonda.
Apart from this, the market value of the residential, commercial and agricultural properties in Visakhapatnam has also registered an increase of 50% since June 1 this year. According to Andhra Pradesh Registration and Stamps Department, the price of a square yard of residential plot in Madhurawada sub-registrar office limits has increased to somewhere between ₹11,000 and ₹60,000 since June 1. The price was hovering between ₹6,300 and ₹40,000 per square yard till May 31. This is the highest market value area in the city in 2023.
On the other hand, the annual property expo organised by the Confederation of Real Estate Developers’ Associations of India (CREDAI), Visakhapatnam has received a good response. YSRCP regional coordinator for north Andhra region Y.V. Subba Reddy, who visited the expo on December 24 (Sunday) said Visakhapatnam has a bright future. “Like everything else, the real estate here will also grow,” he said.
S. Srinivasa Rao, the business development manager of a real estate company, said that there were two major challenging tasks in the business.
“One is selling plots and another is flats. Flats are for residential and investment purposes, while plots are for investment only. The share of flats is more than plots in the city due to lack of space. The plots that are in trade usually are in the outskirts, at least 30 km away from the core city area. The co-operation of banks and their interest rates also play a role in the business,” he said.
Bankers say that interest rate fluctuations on home loans or any other loans are dependent on the Reserve Bank of India (RBI) guidelines. “The interest rate for home loans fluctuated between 8% and 10% in 2023, depending on the banks and the customer’s CIBIL score,” said a public sector bank employee.
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