Though the key players in the real-estate sector expressed that Visakhapatnam had lost the tag of ‘executive capital’ with YSRCP’s defeat in the state, they are hopeful that the real-estate sector will gain momentum in the city.
Some developers said that the Visakhapatnam is the biggest coastal city in AP and if not immediately, it is bound to witness a boom in the real estate sector in the coming months due to grounding big projects in the city and its surrounding Vizianagaram and Srikakulam.
“Vizag city has been witnessing a slowdown of the real-estate sector due to various reasons. We are hoping that the new govt will take corrective measures such as improving sand availability, accelerating the master plan road works and setting up manufacturing units to create employment, in order to revive the real-estate sector in the city,” said E Ashok Kumar of Heritage developers.
“Vizag, which is known for beaches and scenic beauties, has been rated the best liveable city in Andhra Pradesh. The new govt needs to create a vibrant economy, which is a key factor to provide opportunities and supports the funding of key infrastructure and services. Realtors have increased prices of flats and plots in the city citing it is poised to be executive capital. Now, it is time for realtors to reconsider the sector by reducing prices of flats as Vizag is no longer capital and Amaravati is all set to be developed as the capital of Andhra Pradesh,” said an expert in the real-estate sector.
“Vizag is bound to witness an increase in demand for residential and commercial space markets as the city and its surrounding areas will witness growth in IT, pharmaceutical, hospitality, medical, tourism and also in food processing and few other sectors,” said Srinivas, a realtor in the region.
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