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
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.
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.
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.
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.
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.
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