Large response to property show in Vizag
The MP, himself a builder, said the demand was more in Madhurawada on the northern side of the city and Kurmannapalem in the south
Visakhapatnam: The three-day property show organised by the Vizag chapter of CREDAI that concluded on Sunday received a good response from the people.
Lok Sabha member from Visakhapatnam MVV Satyanarayana, who was the chief guest, said people were sure the city would become the executive capital of Andhra Pradesh and hence many from outside were evincing interest in owning property here.
The MP, himself a builder, said the demand was more in Madhurawada on the northern side of the city and Kurmannapalem in the south where affordable flats were being constructed. The average cost of the flats in these two areas is below Rs 5,000 per square feet.
Chairman of the Vizag chapter of CREDAI Srinivasa Rao said many came in to get details of the properties ranging from Rs 40 lakh to Rs 1.5 crore. Many proposed to buy a second property as investment, presuming it to be a safe investment.
New trends were evident in the exhibition. Some builders were planning to raise 200sq-ft studio apartments on the beachfront and some builders expressed interest in acquiring old apartments to rebuild new houses in the city limits, where the space for residences has reduced over the years.
Speaking about the pricing, which was currently high for the middle class, Srinivas said Credai is urging the government to accord industry status to the construction sector, which would bring down the interest rates. Secondly, a flat 12 per GST on all construction material, reintroduction of input tax credit, inclusion of stamp duty under GST and some sops would help the builders bring down the cost of construction, he said.
“If all our demands are met by the government, we can deliver a double bedroom flat of 1,000 sq-ft size for just Rs 25 lakh,’’ Srinivas said.
State Bank of India which did brisk business among the banks in both the public and private sectors processed applications worth Rs 75 crore during the three days.
“We are also financing a mega housing project at Yendada worth over Rs 100 crore,’’ said deputy general manager Manmaya Pandab. Peace and law and order was drawing people to invest in Vizag.