Visakhapatnam’s Real Estate Soars in 2023, Fueled by Infrastructure and Investment

    Date:

    Share post:

    (Visakhapatnam, India) – Visakhapatnam’s real estate market witnessed a remarkable surge in 2023, with property sales exceeding Rs. 1,500 crore, a significant increase compared to 2022. This upswing can be attributed to several factors, including the ongoing development of the Bhogapuram International Airport, the emergence of new industries in the city’s periphery, and the opening of Infosys’ camp office.

    Booming Prices and Hotspots

    Residential, commercial, and agricultural property values across the city climbed by 50% since June 1, 2023. Madhurawada, a previously lesser-known area, has become a prominent hotspot, with residential plot prices skyrocketing from Rs. 6,300-40,000 per square yard to a staggering Rs. 11,000-60,000 per square yard.

    Industry Buzz and Optimism

    The ongoing development of the Bhogapuram International Airport and the burgeoning industrial activity on the city’s outskirts have fueled immense investor interest. The opening of Infosys’ temporary office and the proposed construction of the Chief Minister’s camp office at Rushikonda further bolstered confidence in the city’s future prospects.

    CREDAI Expo Highlights Growth

    The annual property expo organized by CREDAI Visakhapatnam was a resounding success, attracting significant interest from buyers and investors. YSRCP regional coordinator Y.V. Subba Reddy, who inaugurated the event, expressed optimism about the city’s real estate potential.

    Challenges and Future Outlook

    While the market enjoys momentum, challenges remain. Selling plots, as opposed to flats, can be more challenging due to space constraints within the city center. Additionally, bank cooperation and interest rates for home loans play a crucial role in influencing buyer decisions. Home loan rates in Visakhapatnam varied between 8% and 10% in 2023, affecting affordability for some buyers.

    Despite these challenges, CREDAI’s honorary secretary, E. Ashok Kumar, remains optimistic about the Visakhapatnam real estate market, praising the 2023 performance and anticipating continued growth. However, the upcoming general elections in the first quarter of 2024 may temporarily dampen the market. The latter half of 2024 and beyond will largely depend on the policies and initiatives implemented by the newly elected government.

    Overall, Visakhapatnam’s real estate market has experienced a spectacular boom in 2023, driven by infrastructure development, economic growth, and investor confidence. While challenges remain, the city’s long-term growth trajectory appears promising, making it a potential hotspot for both aspiring homeowners and savvy investors.

    (Source: thehindu)

    Also read: RERA Achievements: Massive Growth in Project Registrations and Consumer Complaint Resolutions

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Related Posts

    Latest posts

    TCS Rents 400,000 Sq Ft Office Space in Noida

    "Tata Consultancy Services (TCS) has leased 400,000 square feet of office space in Noida due to increased demand....

    Raymond Group Unveils First Mumbai Real Estate Project in Bandra

    "Raymond Group Unveils First Mumbai Real Estate Project in Bandra, Aims to Generate Over $2 Billion" Raymond Realty, the...

    Brigade Group Plans to Expand Office Space by 3 Million Sq Ft

    Brigade Group Plans to Expand Office Space by 3 Million Sq Ft, Aims for Revenue of Rs 380...

    Big Players Oberoi and Raymond Compete in Thane Real Estate Market

    "Big Players like Oberoi Realty and Raymond Realty to Compete in Thane Real Estate Market" In the bustling real...