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Property Prices Shooting Up in VishakhapatnamTuesday, February 13, 2007
After City of Nawabs, Hyderabad, the real estate boom is now to visit the port city of Visakhapatnam. Needless to say, the real estate is really zooming here in the wake of new developments. Skyrocketing land prices in Visakhapatnam go through the rooftops, surprisingly beyond the reach of the lay man. There is a sudden fall in the demand for land pieces in Visakhapatnam, which is further believed to have fuelled because of the political focus shifting to development of separate Telangana state. Consequently, this added to land prices in Hyderabad and the attention of property developers quickly got diverted to Visakhapatnam. Property developers, apart, group of Non-Resident Indians (NRIs) promising handsome investments have now turned their heads towards the port city. With the result, land prices have spiraled by 50 to 75% in the past two months. What further boosted the rising land prices was the allotment by the State Government of vast stretches of valuable land to industries, software companies and development of Special economic zones (SEZs). Visakhapatnam has grown by leaps and bounds in recent years and improvements can be seen in every sector in the city. Here, the land prices range in between Rs.8, 000 to Rs.10,000 per square yield. In the major locations like Dwarkanagar, it is as high as Rs. 30,000 to 40,000 per sq yard times, with the development of several IT units and also the sanction of several new industrial parks such as Brandix Apparel City. The Visakhapatnam Port has been the best port in the country from the past of years for handling as much as 55 million tones of cargo during 2005-06. This even though Volks Vagan’s decision to backtrack from its proposal of setting up an automobile unit in the city caused a temporary delay. Property prices in Visakhapatnam got doubled in a span of a year. The most popular area is the stretch along the beach, Rushikonda to Bheemunipatnam. The market value of an acre near to Bheemunipatnam is around Rs. 60 lakh and the registration value is in the order of Rs. 9 to Rs. 15 lakh. Indeed, the registration value pushed to 75 per cent from 50 per cent from August 2006. Source - IndianRealtyNews.com
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