Surge in house rents in Visakhapatnam as landlords say taxes are going up

Visakhapatnam: Residents here are grappling with the challenge of escalating house rents, leaving tenants worried while landlords cite the soaring taxes imposed on their properties as the main reason.

The surge in house rents predates the city's transition to the executive capital based on a decision by Chief Minister Y.S. Jagan Mohan Reddy to effect the shifting during Dasara. Since then, the cost of living in the city has seen an unprecedented spike.

Areas such as Madhurawada and Sagar Nagar, which offered double-bedroom houses for Rs 6,000 to Rs 8,000 last year, have seen a staggering rise. These same properties are now commanding rates exceeding Rs 12,000.

The rental landscape in Visakhapatnam reveals that a 1BHK flat demands a rate of Rs 10,000 to 12,000, while 2BHK flats quote a rate of Rs 15,000 to 20,000 excluding maintenance costs.

Those seeking larger accommodations face more financial burden, with 3BHK apartments demanding upwards of Rs 25,000 exclusive of maintenance expenses.

Adding to the financial strain, some apartments have started charging residents for water services even in areas lacking groundwater facilities. Residents report a payment of Rs 250 for 100 litres of water.

G Suresh, the president of Ganesha Plaza apartments, expressed the residents’ frustrations. Suresh said the rental doubled to Rs 12,000 for a medium-size flat. In addition to the tax hikes, residents are compelled to pay municipal fees for garbage removal services.

Meanwhile, the real estate landscape in Visakhapatnam paints a picture of financial strain for both renters and landlords alike.