Visakhapatnam is the largest city in Indian state of Andhra Pradesh. It is known by various titles such as the ‘city of destiny’ owing to its fast developing economy and ‘jewel of the east coast’ as it appears to be a jewel studded in the crown of a massive blue sea, surrounded by the Eastern Ghats and the Bay of Bengal.
Visakhapatnam is a commercial hub to number of sectors including tourism, heavy industries, information technology and minerals. Port of Vishakhapatnam is the fifth busiest port in terms of cargo handling.
Popularly also known as Vizag, the city is under smart city project phase two and is witnessing a number of developments that have an enhancing impact on real estate Visakhapatnam. Peaceful cosmopolitan city is also headquarters to the Eastern naval Command of the Indian Navy. Read More
Growing infrastructure facilities and plans to improve the connectivity is also one of the major reasons that are attracting buyers, investors and developers to make investment in property in Visakhapatnam / Vizag. It possess a number of tourist spots inviting tourists from India and abroad.
The Visakhapatnam real estate witnessed a sluggish period pre Telangana formation. Post that, it experienced a push in property trends. Visakhapatnam is a promising market due to a number of private sector companies coming to set up their businesses. Increasing businesses in the city has a direct impact on residential as well commercial property in Visakhapatnam.
Visakhapatnam that is the hub of all the public undertakings so far, is on the verge of becoming the next IT hub with a number of MNC’s looking forward to set up their establishments. The city also boasts good connectivity and basic infrastructure further having a positive impact on property market.
Some of the prominent localities that are witnessing real estate growths are:
Since the city was dominant by population working for state or central government, demands for properties in Visakhapatnam have been low. However, with latest developments in private sector, residential real estate market is picking up. City is seeing growth in residential sector that can be credited to enhancement in commercial real estate sector. Visakhapatnam offers residential apartments, villas and builder floors in varying budgets.
Madhurwada is one of the major suburbs of Visakhapatnam city. Bheemunipatnam, Anandapuram and Pendurti are major localities in the city that have witnessed increased demands in Visakhapatnam property sector.
Also, improving infrastructure facilities and better connectivity is adding positivity to residential real estate Visakhapatnam. Push in residential properties is also giving the rental market a growth.
Some of prominent localities for rent in Visakhapatnam / Vizag include:
Visakhapatnam is a port city with a lot of potential to be explored. IT companies like Tech Mahindra, IBM and others have set up their campuses in the city generating jobs in private sector. Developments like these have a direct impact on commercial real estate market.
Two sectors that are rapidly expanding are hospitality and IT, and are responsible for creating demands in residential real estate in city.
Everyday thousands of properties are being listed online for buy, sale and rental purpose. The major localities for commercial real estate demands are Thagarapuvalasa, Paravada and Seethammadhara.
Visakhapatnam has 10th largest economy in India, with presence of major industries like IT, Industrial fishing, Exports and Imports, Sea Trade, etc. Economically and demographically, the city is one of the fastest growing cities in the world. Factors that have contributed to the economic growth of the city are rail, road and air connectivity, natural harbour, and tourism sector.
City has a number of Special Economic Zones and Industrial corridors contributing towards economy of the city. Also increasing number of IT/ITES industries in Visakhapatnam are contributing to its overall growth.
Visakhapatnam has access to both social and physical infrastructure with several schools, colleges, shopping markets, banks, etc., in almost every vicinity and good connectivity through road, rail and air to other cities around, making it a perfect place for buyers as well as investors to put money in real estate in Visakhapatnam.