- Plans to buy apartments would remain a dream for thousands of families in Vizag
Visakhapatnam: Visakhapatnam is already one of the costliest Indian cities in terms of living, and now the city’s middle class live in fear of the increased cost of living. This fear follows the Andhra Pradesh government’s consideration to make Vizag the administrative capital of the state. AP Chief Minister YS Jagan Mohan Reddy proposed the idea in the state assembly a few days ago.
However, ordinary people and the representatives of the left parties worry that the cost of living in Vizag will further increase if the proposal translated into action.
While Vizag residents’ plans to buy apartments would remain a dream for thousands of families, the rent would also surge. “An administrative capital in Vizag would lead to more traffic snarls, mushrooming of brokers, middlemen, and land grabbers. Above all, the cost of living in Vizag will shoot up by at least 40 per cent,” anticipated Ch Narasinga Rao of CPM.
“The middle class and low-income families in Vizag may face so many problems if the government executes the idea of an administrative capital in Vizag. The city might also face a water crisis due to rapid urbanisation,” Lokanadham pointed out.
Ordinary residents are already finding it difficult to cope with the current situation. “We are paying Rs 8,000 per month as rent for a two-bedroom house at Madhurawada area in Vizag. If Vizag is turned into the administrative capital, then the rent may increase further, and it will be a big burden for people like us,” said G Harish, a resident of Madhurawada area in the city.
He added that the land prices in the core city might not increase as much as the costs for the lands in the core area almost reached the saturation point around two years ago. “In Rushikonda, the land price is Rs 15,000 per sq yard, which may go up to Rs 25,000 per sq yard in the coming days,” Harish noted.
Realtor, investors, rich upbeat over the capital plan
Real estate business people are expecting a significant boost in the sector after CM Jagan’s proposal to develop Vizag city as the state’s administrative capital. B Srinivasa Rao, the President of CREDAI Vizag Chapter, predicted that demand for housing is going to increase. “Besides, the cost of flats in apartments at Yendada, Madhurawada, Bhimili, Tagarapuvalasa and a few other places in the city will witness a steep jump. It is mainly because a majority of the people will buy flats as an investment in the wake of the CM dropping strong hints of developing Vizag as an administrative capital,” he added.
Since Vizag is a beautiful coastal city, it will witness high-rise buildings in the future as demand for flats and land from various parts of the state will increase.
Realtors opined that the prices of land and flats in the city might increase at least 30 per cent after the government takes a concrete decision on the administrative capital. “At present, over 5,000 flats in apartments and housing societies are up for sale at various places in the city. It is mostly in the city’s outskirts,” said K Sunil, a realtor in Vizag.