According to recent data, many people are looking to buy villas in Vizag, thereby signaling a new trend in the city’s real estate market.
Despite the pandemic, the so-called “villa culture” is gaining popularity among home buyers. As per reports, at least 10 to 15 villa projects are expected to be launched in Vizag.
Experts are of the opinion that ever since Visakhapatnam was chosen to be Andhra Pradesh's executive capital, the demand for villas has increased, with buyers looking for gated villa projects with top-of-the-line amenities.
The first set of villas in Vizag appeared in the year 2000, when row houses near Madhurawada were built. Later, where land prices were still relatively low, villa projects came up in places like Gajuwaka, PM Palem, Kapuluppada, and Bheemili.
Acquiring enough land for villas still remains a problem, although some villa projects are springing up on the city's northern outskirts.
Rinku, an Odisha-based businessman looking to buy a villa in the area, stated that the quality of construction and the promoters' reputation are important factors for buyers.
According to realtors, people who were considering buying house sites are now considering villas. Typically, the starting price of a villa is about Rs 2.5 crore. In Madhurawada, a 200–300-square yard plot for villas costs anywhere about Rs 3 lakh to Rs 10 lakh.
According to CREDAI representatives, only 6–8% of city residents can afford to buy villas or "super-luxury" apartments. NRIs and people from other districts or states are mainly driving the demand for villas in Vizag.
By: Shailaja K