Real Estate Boom in Vizag
Visakhapatnam is situated in Andhra Pradesh on the Eastern shore of India. This port city is soon becoming an industrial hub of the east coast of India. Visakhapatnam is a beautiful city with majestic hills, valleys and golden beaches along the Bay of Bengal coastline.
The large-scale real estate developments in Hyderabad, the town of nawabs is nearly on the verge of completion. Next in line for real estate boom is Visakhapatnam popularly called ‘The Jewel of the East Coast’. It’s the house of the Eastern Naval Command of the Indian Navy and has been thus, the simplest port within the country. Vizag is carving its position because the next IT hub of Andhra Pradesh after Hyderabad at a quick pace.
Today is that the time of development for tier-III and tier-IV cities as metros are congested and tier-II cities are almost choked too. Visakhapatnam has become a crucial upcoming city for the Eastern India because IT industries are now swiftly entering within the city. Vizag offers easy availability of skilled labour, infrastructure and cost-effective real estate making it all the more attractive for industrial setups.
The boom in property building and therefore the consequent hike in property prices have made this city a favourite with real estate developers. The sky rocketing prices of land in Hyderabad and lack of land for further expansion shifted the eye of realty developers to the present port city of Andhra Pradesh. Not only this, the expansion of technology sector i.e. arising of software companies and SEZs within the city further spiralled up the interest of property investors. Various other projects by leading developers are adding to the boost in Visakhapatnam property.
Visakhapatnam is witnessing an unprecedented growth due to all the above factors. It’s been welcoming this quick appreciation of land rates from quite last five years. The growing NRI investments in luxury villas, apartments and farmhouses within the green environs of the town also are adding further to the growing land prices.