No looking back for Vizag realty for the next 5 years!

Credai National Joint Secretary, and

Lakshmi Associates MD Raja Srinivas speaks to Real Estate Guru

The Chief Minister, along with the Central government, is striving to develop Andhra Pradesh significantly, says the National Joint Secretary of Credai and Lakshmi Associates MD, Raja Srinivas. In a recent special interview focused on real estate development, he spoke about the progress of Visakhapatnam’s real estate market over the past two decades.

According to him, the real estate market in Visakhapatnam has consistently grown and remained stable over the years. He refuted speculation that development had stalled, emphasising that the city’s real estate market has always flourished, driven by specialisation and development without speculation.

Visakhapatnam’s real estate market has played a crucial role in politics, he pointed out. However, the lack of political initiatives to make the city the state capital has prevented any significant developments. Consequently, traffic and other issues have persisted. Despite this, Visakhapatnam boasts several public-sector establishments, such as shipyards and steel plants, making it unique.

Visakhapatnam’s specialty lies in its multiple transportation networks, including road, air, sea, and rail, making it a significant global city.

No harm to Hyderabad!

Even if Vizag is made the capital of AP or not, there is no harm to this city. Not even a single percent loss. Never rely on speculation. Apartments, villas, and private houses are mostly occupied by residents, and nobody buys them based on speculation. But there is some those who want to set up a permanent residence have started buying houses here. truth in speculations as well. However, those who want to set up a permanent residence are buying houses here. More people take home loans for income tax concession. Although the market has faced many ups and downs in the last two decades, if there is any city where house prices were not reduced, then it is surely Vizag. As mentioned earlier this is a speculative market. Moreover, space availability is also less in Vizag. With the sea on one side and the Eastern Ghats on the other, it can be said to be a landlocked geography. As a result, building apartments in one area is followed by construction in other areas.

10,000 flats a year!

Looking at the annual progress report, over the past two decades, there has been a growth of five to seven percent in real estate. I have seen flats being sold from Rs. 250 onwards per square feet. Currently, flats are being sold here, starting at Rs. 10,000. There are about ten prominent builders in Visakhapatnam. Among them, five or so are active. They always set a trend whenever they construct something. Approximately, construction of around 10,000 is happening. The top ten builders are currently constructing five to six thousand flats. Among them, at least 10,000 are being sold every year. The remaining ones are sold in the following year.

In the coming five years, Visakhapatnam is expected to develop significantly. Therefore, now is the right time for those considering investment. Currently, with Andhra Pradesh leaders also at the centre, investors are likely to flock more. The centre also believes in active participation in national development. Particularly in Madhurawada, land rates are higher. From Rs. 250 per square foot, it goes up to a lakh rupees. Those looking for something affordable may consider Bhogapuram after Madhurawada. From Rs. 30 per square foot, plots are available there. On the outskirts of Bhogapuram, plots are available for as little as Rs. 10 per square feet. Even the Anakapalli-Anandapuram region is showing promise. Speaking of flat rates, they range from Rs. 35 lakhs to 3 crores in Visakhapatnam. Brokers are currently interested in flats ranging from Rs. 50 lakh to 75 lakh.

50 projects completed (box)

I have been associated with the Visakhapatnam market for about two decades now. Since then, the market has efficiently acquired many projects. Regardless of any turmoil or economic downturn, the market has remained resilient. While there have been losses, they haven’t been significant. Until now, I have completed up to 50 projects successfully. Currently, I am developing two projects in Gajuwaka and Rishikonda.