As per the latest real estate news, Venugopal Reddy, the district joint collector of West Godavari, had notified that the administration would carry out an inquiry on 5000 acres of the government land in Visakhapatnam for the housing scheme. The joint collector stated the exercise was conducted as part of the program of Navaratna-Housing for the Poor. To fasten up operations, he advised the associate departments to participate proactively and ensure the plan to be successfully implemented. He added field-level teams were allocated for spot-checking to find out the current status of all government lands.

Real Estate Growth Prospects of the Speculated Executive Capital of AP 

Speaking about the State Government’s future steps, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy hinted on setting up 3 capitals in the state. With Vizag being the executive capital among them, speculations have risen among the real estate stakeholders for the city. It’s been said various government land alternatives are being considered by the district machinery for the location of the Secretariat and other buildings and will be finalized after the official announcement on the capital.  

If Visakhapatnam has been finalized as the Executive capital, several large ticket projects, like the international airport Bhogapuram and Vizag Metro project that was put on a back-end over the years, will be expediting their growth cycle. Additionally, the city will continue to increase its infrastructure development mainly in the real estate sector, which has undergone a downturn last year, is hopeful of a recovery after the plan. An additional advantage of the city's ecology is the presence of the coastline of PSUs and heavy industry, leading education institutions, defense agencies, IT SEZs and connectivity, a land bank, and the list never ends.

Land Rates to Hike in Visakhapatnam

The proposed change to Vizag into the state's executive capital, by Chief Minister YS Jaganmohan Reddy, has fuelled the expectation of expanded positive activities among the city's real estate. Nevertheless, locals worry that if the plan takes shape, living costs in the city will rise up.

In the midst of a CM plan, homebuyers will soon see a steep increase in houses demand and apartment prices in Yendada, Madhurawada, Bheemili and Tagarapuvalasa, in which buyers may decide to make investments in properties. Since the city has the benefit of a coastal position it has a growing demand for apartments and land for sale in Vizag.

Real estate developers assume that, when the government makes a substantive plan regarding the executive capital, rates of land and flats for sale in Vizag shall rise by at least 30 percent. Today, over 5,000 flats throughout the city are for sale and most of them are on the outskirts of the city. But the planned Vizag executive capital is also expected to lead to more traffic snarls, since the number of traders, intermediaries, and land grabbers are expected to increase and above all at least 40% of the hike can be seen in the cost of living in the city.

Visakhapatnam Land Survey and Metro Rail Projects to Speed Up

The officials stated that government land recognition has just started, and very minimal availability is found in the city. According to the reports, approximately 1,000 hectares of land is available at Anandapuram Mandal north of the city of Vizag. With another 900 hectares identified at Aganampudi to the south and a further 80 hectares identified at Kommadi. All the locations are situated more than 20 km from the city.

Visakhapatnam Metropolitan Region Development Authority is anticipating a blueprint covering a 6,500 square kilometer area in Visakhapatnam, Vizianagaram and Srikakulam districts, which will come in handy for the executive capital. The initial phase of the Visakhapatnam Metro Master Plan has been addressed to accommodate the ' future needs.' One of the proposed routes is up to Steel Project to Kommadi, which extends over 34.08 km, but now this has been extended until Bhogapuram to provide connectivity to the upcoming airport.

The Tahsildars were directed by Venugopal Reddy to ensure the audit was successfully completed and to provide land records such as the Fair Adangal, 1-B, SF-A, FMB, and the village map. He advised others to help carry out an audit survey daily and update it online to locate the squatters on the state land.

It is expected the infrastructural developments in Visakhapatnam will change the future of the city. Although there is a long road ahead to see the results, this region will give fruitful results to its real estate investors.

Since 2015, we have created a large group of happy clients, and are now all ready to set our footprint in Vizag, Vijayawada, Guntur, Tirupati, and Nellore to assist the real estate stakeholders. Browse PropertyAdviser.in to stay connected with trending real estate news and find the latest properties for sale in Hyderabad with just one click.

By Govi