Villa ventures emerge as Visakhapatnam’s new realty trend – ET RealEstate

VISAKHAPATNAM: More and more people looking to buy villas in Vizag is emerging as a new trend in the Port City’s realty market. Despite the pandemic, the ‘villa culture’ is picking up. At least 10 to 15 villa ventures are expected to come up in the city soon.

Credai-AP president B Raja Srinivas said that the demand for villas has gone up among the rich since Visakhapatnam was touted to become the executive capital of Andhra Pradesh. “Location is buyers’ top priority,” says Srinivas adding “people look for gated communities with playgrounds, parks and other amenities”.

The first villas came up in Vizag back in 2000 when row houses were constructed near Madhurawada. Later, villas were built in Gajuwaka, PM Palem, Madhurawada, Kapuluppada and Bheemili, where land prices were relatively low.

Finding enough land for villas remains a challenge, says Srinivas. “Some villa ventures are coming up on the northern outskirts of the city, we expect the villa culture to spread,” he said.

For buyers, the quality of construction and the promoters’ reputation are also important considerations, according to Rinku, a businessman from Odisha who is looking to purchase a villa in the city. “We have zeroed in on a couple of ventures and may take a decision soon,” Rinku said.

People who were initially looking to buy house sites are now considering villas, say realtors. The base price of a villa is around Rs 2.5 crore. A 200–300 square yard villa in Madhurawada costs between Rs 3–10 crore depending on facilities.

Only 6–8% of city residents can afford to buy villas or ‘super-luxury’ flats, according to Credai members. The demand for villas is from NRIs and people from other districts or states. While there is yet to be a ‘villa boom’ in Vizag like in Hyderabad, demand for villas is certainly rising in the city.

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Visakhapatnam development body’s area now 7,300 sq km after addition of 13 mandals – ET RealEstate

VISAKHAPATNAM: The state government has brought 13 more mandals, spanning about 2,280 square kilometres, into the jurisdiction of Visakhapatnam Metropolitan Region Development (VMRDA). As per an official order released on Tuesday, this has increased the area under VMRDA jurisdiction to 7,328 square kilometres.

VMRDA officials had earlier sent proposals to the state government to include these 13 mandals in the VMRDA in October 2019. In their letter to the state government, the VMRDA officials informed that due to rapid urbanisation of Visakhapatnam city, a significant urban sprawl has been detected in the fringe areas of existing VMRDA limits towards the western corridor.

“In order to reduce pressure on the urban infrastructure of the city, to ensure planned development in the fringe areas and to control the haphazard development, the said 13 mandals may be brought in to the jurisdiction of VMRDA.,” read the letter from the VMRDA to the state government.

Interestingly, the VMRDA development area will be called as the executive capital as per the Andhra Pradesh Decentralisation and Inclusive Development of All Regions Bill 2020.

With this inclusion, other than the Integrated Tribal Development Agency area, which comprises of 11 tribal mandals, remaining parts of Visakhapatnam district have become a part of VMRDA following the merger.

Visakhapatnam district consists of 43 mandals and 19 mandals are already part of VMRDA. The 13 new mandals which have come under VMRDA on Tuesday include Madugula, Ravikamatham, Butchayyapeta, Chodavaram, Devarapalli, K Kotapadu, Nathavaram, Kotauratla, Makavarapalem, Narsipatnam, Golugonda, Cheedikada and Rolugunta.

These mandals are contiguous in nature and have a potential to develop as urban areas. They have witnessed decadal percentage growth of urban population from 4.10% to 8.02% in the last one decade —2001-2011. Speaking to TOI, VMRDA commissioner P Koteswara Rao said that these 13 mandals would also be included in the ongoing preparation of VMRDA master plan-2041. “We will improve basic infrastructure in these mandals at par with other VMRDA areas,” Koteswara Rao said.

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Eye on suburbs as Visakhapatnam development body mulls new layouts – ET RealEstate

VISAKHAPATNAM: The Visakhapatnam Metropolitan Region Development Authority (VMRDA) is planning to develop a few new layouts in the suburbs. The urban development authority is exploring options to develop these layouts either on its own or in a PPP (public-private partnership) model. The VMRDA has land parcels on all four sides of the city.

The joint venture ‘Fortune Hills’ in Dakamarri was the last layout developed up by the VMRDA back in 2016. Despite selling the HIG (high-income group) and MIG (middle-income group) plots at a premium price, the auction of LIG (low-income group) plots in this layout is still pending due to technical and policy reasons.

While the VMRDA did auction a few land parcels in 2019, they were not in a single layout. These land bits, scattered in various parts of Vizag city and suburbs, received overwhelming response.

For instance, a plot located at MVP Colony in the city, measuring 387 square yards, received the highest bid of Rs 1,08,700 per square yard against the upset price of Rs 56,400 fixed by the VMRDA. Similarly, setting a new record of Rs 95,960 per square yard in the Madhurawada area, a 230 square yard land parcel fetched a record Rs 2 crore to the VMRDA.

According to observers, the litigation-free nature, clear titles and leaving sufficient space for social infrastructure development make the VMRDA layouts a lucrative choice for the buyers.

Speaking to TOI, VMRDA metropolitan commissioner P Koteswara Rao said that urban development authority is looking for ways to mop up its revenue. “In this process, we want to develop a few layouts. We are in the process of identifying suitable land pockets for this purpose. Covid-19 has impacted the revenue of the urban development authority,” said Koteswara Rao.

Vizag city has witnessed a lot of attention on the realty front in the last one year, thanks to the government’s plan of making it the executive capital. There has been a clear surge in land prices by about 20–30%. This phenomenon is particularly evident on the northern side of Vizag city which has high odds of becoming the seat of power.

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Outskirts of Visakhapatnam turn into hub of housing projects – ET RealEstate

VISAKHAPATNAM: In the hope that Vizag will get the best infrastructure once it becomes the executive capital of Andhra Pradesh, the city seems to be growing. Realtors are now busy building affordable housing on the city outskirts and are expecting to attract the middle-income segment there.

Flats in Vizag city are becoming costlier by the day and are no more within reach of the middle-income group. Builders are looking for new locations on the city outskirts for new housing projects. Most new affordable housing projects are coming up at Anandapuram, Bheemili, Tagarapuvalasa, Bhogapuram in Vizianagaram and Kurmanapalem.

CREDAI-Vizag president, B Srinivasa Rao, said that a majority of builders believe that Vizag will get more flyovers, metro rail connectivity and other transit systems that will significantly reduce travel time between Tagarapuvalasa and Vizag.

Builders further believe that prices on the outskirts will be within reach of middle-income group. Over 10,000 units are coming up on the city outskirts and response from buyers has been encouraging, added Srinivasa Rao.

Prices of 900–1,000 square feet flats in these new housing projects on the outskirts range between Rs 28–30 lakh. In some projects, prices are a bit higher, but builders have been announcing offers to attract buyers, said K Ramachandra Rao, a builder. CREDAI members said that with Vizag set to become the executive capital of Andhra Pradesh, people from neighbouring districts and even some people from Hyderabad are enquiring about new housing projects in the city.

“In the present circumstances, it is difficult to buy a flat at Madhurawada, Sagarnagar, Yendada as one has to spend over Rs 50-60 lakh. Hence, we have paid advance to book a flat on the outskirts. We expect road connectivity to improve once Vizag gets capital status,” said K Siva Kumar, who recently bought a flat.

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