Visakhapatnam :Property registrations have recorded a huge spike in Vizag city and neighboring Vizianagaram district after chief minister YS Jagan Mohan Reddy announced three capitals and accelerated work on the Bhogapuram airport.
The eight sub-registrar offices in Vizag city raked in Rs 654 crore in 2020-2021 and achieved 81 percent of Rs 801 crore target. It may be recalled that eight sub-registrar offices in the city generated Rs 595 crore in 2019-2020.
Among the eight sub-registrar offices, Madhurawada raked in the highest revenue of over Rs 141 crore in 2020-21 followed by the Super Bazaar office of over Rs 133 crore. Bheemili sub-registrar office accounted for 107 percent of the target by generating Rs 61.95 crore.
Visakhapatnam District Registrar K Manmadha Rao said that the buzz around shifting of capital to Vizag has been growing. "Majority of land transactions took place in the city's outskirts. Bheemili, Madhurawada and Gopalapatnam and Pendurthi sub-registrar offices registered good growth in 2020-21," he said.
It is despite the fact that the registration offices were closed for more than a month at the beginning of 2020-21 due to the Covid-19 pandemic.
Ever since it was announced that the Bhogapuram airport in Vizianagaram district and executive capital will be in the vicinity of Anandapuram in Vizag city, the area around has been attracting a large number of people.
Vizianagaram district generated revenue of Rs 240 crore through property registrations in 2020-21 against the target of Rs 241.8 crore. Among the 13 sub-registrar offices in the district, the Bhogapuram office generated Rs 37 crore revenue.
"We are expecting that Vizianagaram will continue the same trend in terms of property registrations and revenue generation in the current fiscal year as more people are coming forward to buy land and houses in between Vizag and Vizianagaram cities," said District Registrar (Vizianagaram), M Srujana.
Vice-President of CREDAI, B Raja Srinivas said the prices of land at Anandapuram and Bhogapuram have increased. Despite the prices, some people are buying the plots as well as flats in the apartments citing that the property prices will further shoot up once the capital city and Bhogapuram become reality.
People from various parts of the state are looking to settle in Vizag city. In the coming days, Vizag and Vizianagaram will emerge as twin cities given the focused development in the north coastal AP.