Prices of houses have increased manifold in the steel city of Visakhapatnam. It is attributed to the State Government taking a decision hiking the prices of land cost and revising the registration charges. As a result, the land prices in certain areas of Visakhapatnam have gone up by at least 30 per cent. In areas like Kurmannapalem, Endada, Anandapuram, Tallavalasa, Sonthayam, Ramavaram and other areas experienced hike as good as 50%. The registration charges of flats and agricultural lands have gone up putting the burden on the middle classes.
Ever since Visakhapatnam has been announced the executive capital of AP, the land prices have gone up mainly in areas of Achyutapuram, Bhimili, Anandapuram, Kurmannapalem, Sabbavaram and Pendurti. The demand for lands in the area pushed up. Suspense over the relocating the capital to Visakhapatnam from Vijayawada is still continuing. Yet the prices remained static. In this backdrop, the state government took a decision revising the land prices impacted the real estate sector adversely, warn builders and realtors.
According to AP CREDAI chapter general secretary B Srinivasa Rao, on account of the increasing prices in land values, the middle class people will hesitate to buy property. The increased prices of building material have already pushed the construction cost. The latest increment of land costs and registration charges will make the common man’s dream of owning a house on their head distant.
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