New airport, Oberoi hotel, six-lane road set to raise land prices

Visakhapatnam: The greenfield Bhogapuram international airport, for which Chief Minister Y.S. Jagan Mohan Reddy laid the foundation stone and other developmental projects in the region are set to sharply raise the land prices along the stretch between the airport and Bheemili.

The other projects are the proposed six-lane approach road to the airport, the Adani Data Centre and the Oberoi Hotel.

Real estate agents point out that the city is already expanding towards Bheemili due to the scarcity of land in Vizag city. Hundreds of ventures are coming up in Yendada, Rushikonda and Madhuravada. Some builders have initiated housing projects towards Anandapuram, offering low-cost housing to the middle class.

“The new airport will increase construction activity and jack up the land and apartment prices in the city as well as on the outskirts towards Bheemili,’’ said president of the Vizag city unit of Credai B. Srinivasa Rao.

Rao told Deccan Chronicle that some 1,500 to 2,000 projects were currently under construction. Around 7,000 units would be ready in two years’ time in Sagarnagar, Rushikonda, Yendada, Anandapuram and Madhurawada areas.

He said the six-lane road to Bhogapuram airport will spur construction activity along that stretch.

However, Vizag MP M.V.V. Satyanarayana, said it was too early for builders to invest money in the region between the airport and Bheemili. “There is still space in Madhurawada, Rushikonda and Bheemili,’’ he said.

Satish, a builder from Vizianagaram, said there could be building activity between Vizianagaram and Bhogapuram airport in another two years. The airport is only 25 km from Vizianagaram town, he pointed out.

A former GVMC town planner said the development depended on the network of the rapid transport system. “It is the public transport system that propelled the growth of many cities,’’ he said.

Travel agents opined that apart from residential houses, budget and star hotels too may dot the Bhogapuram and Bheemili beach areas, to attract the foreign and domestic tourists.