With the expectation that Vizag city would get the best infrastructure once it becomes the Executive Capital of Andhra Pradesh, Real estate builders are focusing on constructing affordable houses on the city's outskirts with a hope to grab the middle-income groups.
Affordable Housing Projects to Boom in Vizag
Flats in the city of Vizag are becoming more expensive and are no longer within the middle-income group's scope. For new housing projects, builders are searching for new locations on the outskirts of the area. In Anandapuram, Bheemili, Tagarapuvalasa, Bhogapuram Vizianagaram and Kurmanapalem, most of the new affordable housing projects are expected to come up.
B Srinivasa Rao, president of CREDAI-Vizag, stated that most builders believe that the Vizag city will improve with developing infrastructures such as flyovers, metro rail connectivity and other transit systems which would reduce travel time between Tagarapuvalasa and Vizag significantly.
Additionally, builders assume that the middle-income segment would be within reach of prices on the outskirts. Over 10,000 units will arrive on the outskirts of the city and the response from buyers are expected to be positive.
In the planned new housing projects on the outskirts, the flats price with 900 to 1,000 square feet sizes vary between Rs 28 to 30 lakhs. Prices are a bit higher in some projects, but builders have been announcing offers to draw buyers. Members of CREDAI said that people from neighbouring districts and even some people from Hyderabad are inquiring about new housing projects in Vizag as the city is expected to become the executive capital of Andhra Pradesh.
It is challenging to buy a flat in Madhurawada, Sagarnagar, Yendada in the present conditions, as one has to invest over Rs 50 to 60 lakhs. Therefore, some people paid advance to reserve a flat on the outskirts. Once Vizag gets capital status, it is expected that road connectivity would improve.
By: Shailaja K