Visakhapatnam Builders Urge Government to Boost Real Estate with IT and Metro
Builders in Visakhapatnam are seeking government support to revive the city's real estate market by investing in IT and metro projects.
Real EstateVisakhapatnamItMetroCredaiReal Estate NewsJun 27, 2024
Recently, the builders have made a plea to the new government to hasten IT investments, complete the Bhogapuram International Airport, construct flyovers in congested junctions, and initiate Metro Rail from Steel Plant to the Bhogapuram airport. According to the city president of CREDAI, B Srinivas, the builders are not seeking concessions but want to contribute to the state's revenue. They believe that development activities like bringing in IT investments, completing the airport, and starting the metro rail will boost the construction activity in the city.
The builders are optimistic about the new government, led by Chief Minister Nara Chandrababu Naidu, who is known for his entrepreneurial qualities and is expected to formulate new policies to support the real estate sector. The city has already witnessed a major spurt in building activities when the previous government took steps to set up the administrative capital in Visakhapatnam.
However, the construction activities slowed down due to the Covid pandemic and other factors. The builders are now seeking government support to revive the market. According to young builder Garugunalli Rajesh, most builders are offering affordable houses as the income levels of the urban middle class in Visakhapatnam are relatively low compared to other tier-two cities. The average income of Vizagites is around ₹25,000 to ₹35,000, making it difficult for them to afford houses costing more than ₹50 lakh.
Currently, construction is ongoing in areas like Yendada, Sagarnagar, Madhurawada, Anandapuram, and some parts of Bheemili. However, vacant land is not available in the main areas of the city. The builders are hopeful that the government will take steps to address these issues and support the real estate sector in Visakhapatnam.
CREDAI (Confederation of Real Estate Developers' Associations of India) is the apex body of private real estate developers in India. It has over 12,000 members across 23 cities, including Visakhapatnam.
CREDAI is a non-profit organization that aims to promote the real estate sector in India. It provides a platform for real estate developers to interact with the government, financial institutions, and other stakeholders to address industry-related issues.
Frequently Asked Questions
Why are builders in Visakhapatnam seeking government support?
The builders are seeking government support to revive the real estate market in Visakhapatnam, which has been struggling due to the Covid pandemic and other factors.
What kind of development activities are the builders seeking?
The builders are seeking IT investments, completion of the Bhogapuram International Airport, construction of flyovers, and initiation of Metro Rail from Steel Plant to the Bhogapuram airport.
Why are builders offering affordable houses in Visakhapatnam?
The builders are offering affordable houses because the income levels of the urban middle class in Visakhapatnam are relatively low compared to other tier-two cities.
What is the current state of the real estate market in Visakhapatnam?
The real estate market in Visakhapatnam has been struggling, with more than 15,000 flats remaining unsold and construction activities remaining dull during the last five years.
Who is leading the initiative to support the real estate sector in Visakhapatnam?
The builders are optimistic about the new government, led by Chief Minister Nara Chandrababu Naidu, who is known for his entrepreneurial qualities and is expected to formulate new policies to support the real estate sector.
Related News Articles
Unlock the Ultimate Lifestyle at Siddha Sky, Sion NX: EOI Phase Now Open
Experience Mumbai's first Rooftop Skywalk, offering 2 & 3 Bed Lifestyle Residences with breathtaking views and world-class amenities.
Godrej Properties Sets New Sales Record of Rs 28,800 Crore in 2024
Godrej Properties has achieved a record-breaking property sales figure of Rs 28,800 crore in 2024, surpassing all other listed real estate companies in India. This remarkable performance is attributed to strong demand across key cities like Delhi-NCR, Mum
Mumbai Prepares for Intense Heatwave as IMD Issues Fresh Alert
Mumbai is bracing for another heatwave this weekend as the India Meteorological Department (IMD) issues a fresh warning. Temperatures are expected to soar, and residents are advised to take necessary precautions to stay safe.
Worli's Property Market Soars with Rs 4862 Cr Ultra-Luxury Deals, Prices Surge 30%
Mumbai, March 13 (IANS) Worli, a premier luxury real estate hub in Mumbai, has witnessed a significant boom in property transactions, with ultra-luxury deals totaling Rs 4862 crore. Property prices in the area have surged by 30%, reflecting the robust dem
Maharashtra Increases Property Rates: What a 3.9% RR Rate Increase Means for Homeowners
The Maharashtra government has hiked property rates by 3.9%, which will impact property taxes, stamp duty, and registration charges. This article explains what the increase means for homeowners and real estate investors.
PropEquity Unveils Latest Real Estate Trends in Major Indian Cities
PropEquity's recent report provides insights into the latest real estate market trends, including home prices and sales patterns in key Indian cities such as Pune, Mumbai, and Bengaluru.