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
Property Registration Scandal: 796 Documents Under Scrutiny for Violating Real Estate Laws
The registration department is investigating 796 property registration documents for non-compliance with real estate regulations, sparking concerns among developers and buyers.
Maharashtra Weather Alert: Heavy Rainfall Expected in Mumbai, Pune, and Other Districts
IMD issues yellow alert for Mumbai, red alert for Palghar and Pune; heavy to very heavy rainfall expected in the next 24 hours
Nagpur Townships Inspected by State-Appointed Panel, Issues Persist
A state-appointed panel inspected several townships in Nagpur, Maharashtra, but issues related to water supply, irrigation clearance, and inspection delays remain unresolved.
Indore Sees 12.8% Rise in Property Revenue During Festive October
The city of Indore recorded a significant 12.8% increase in property revenue during the festive season in October. According to Balkrishna More, the Deputy Inspector General of Registration for the Indore region, the surge in real estate activity can be a
Arvind Gurumurthy: A Renowned Legal Expert in M&A, Private Equity, and Corporate Law
Arvind Gurumurthy, a distinguished legal professional, has made significant contributions in the fields of M&A, private equity, and corporate law. With a successful seven-year tenure as Partner at Kochhar & Company, Arvind has extensive experience in hand
Arthur Laffer Buys $87,156 in NexPoint Diversified Real Estate Trust Stock: A Bullish Signal?
Arthur Laffer, the director of NexPoint Diversified Real Estate Trust (NXDT), has made a significant purchase of $87,156 in company stock. This move could signal his confidence in the company's future performance. Investors should consider this as a potential indicator of a bullish market play.