Builders seek IT, Metro to boost real estate activity in Vizag
Visakhapatnam: Putting high hopes on the new government, builders here have made a plea for hastening IT investments, early completion of the Bhogapuram International Airport, flyovers in congested junctions of the city and initiation of Metro Rail from Steel Plant to the Bhogapuram airport.
Builders note that chief minister Nara Chandrababu Naidu is known for his entrepreneurial qualities and hence would formulate new policies to boost the construction activity in AP’s main city and commercial hub.
When the previous government took steps to set up the administrative capital in Visakhapatnam, the city started witnessing a major spurt in building activities, but there were no takers. More than 15,000 flats remained unsold as the capital-initiative dragged. Builders, who invested heavily in real estate projects, started offering incentives for flat purchases, so as to enable them cover the interest on capital investment.
“We don’t want any concessions, we want to contribute to the revenue of the state. All we want is development activities like bringing in investment in the IT sector from abroad as also inside, completion of the Bhogapuram international airport, construction of flyovers and initiation Metro Rail here,’’ said city president of CREDAI, B Srinivas.
He noted that the airport works are expected to be completed in August 2026. The construction activities remained dull during the last five years, during the Covid pandemic years and thereafter too. More than 15,000 flats remained unsold.
Srinivas noted, “People love to be in Visakhapatnam due to its peaceful atmosphere, scenic beauty, beautiful beaches and adequate green cover. The temperature also remains tolerable even while the state burns in summer.”
Another builder said layouts have come up on either side of the six-lane 50km road that was being laid between the Bhogapuram airport and the city.
Young builder, Garugunalli Rajesh, said most of the builders were offering affordable houses as the income levels of the urban middle class here was low compared to other tier-two cities.
“The average income of Vizagites still remained around `25,000 to `35,000 and these sectors cannot afford houses costing more than `50 lakh,’’ Rajesh said.
At present, construction is going on in Yendada, Sagarnagar, Madhurawada, Anandapuram and some areas of Bheemili. Vacant land is not available in the main areas of the city.
