Wednesday, August 31, 2005

Wanna Buy a House or Land @ Vizag??

Start only if you have long and heavy pockets.

In the last one year, Real Estate market prices in Vizag area had more than doubled with the prospects of Separate state for Telangana, Formation of special economic zone (SEZ), Beach road expansion, Apparel park, Pharma city, Gangavaram port, Allotment of lands to a few IT firms like Satyam Computers, TCS and Wipro and construction of mega housing projects in collaboration with foreign companies by Visakhapatnam Urban Development Authority (VUDA) and Tourism projects,

One and a half years back there was plenty of land available at Rs 4,000-5,000 per sq yard in the city. The prices rose to about Rs 10,000 per sq yard.

Between Madhurawada-Anandapuram, the national highway-facing land and Bhimili beach prices increased to Rs 80 lakh - Rs 1 crore per acre from Rs 15-20 lakh two years back.

In the Aganampudi, Parawada and Achuthapuram areas, the land prices galloped over the last two years in anticipation of increased industrial activity. Projects proposed in this area include an SEZ, Pharma city, Gangavaram port and Textile city.The recent developments like uncertainty in Volkswagen's proposed manufacturing unit in Visakhapatnam is applying the brakes on Real Estate prices in Vizag area. The number of land purchase transactions have slowed down in the last month at Aganampudi, Parawada and Achuthapuram areas of the Visakhapatnam. Land prices too have fallen in the last ten days. A few buyers are even thinking of cancelling deals and asking for a refund of the advance payment, according to some Real estate brokers based in North C0astal Andhra.

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