Property sales surge as Vizag gets ready to become AP’s first executive capital

By Newsmeter Network  Published on  19 Feb 2020 7:06 AM GMT
Property sales surge as Vizag gets ready to become AP’s first executive capital

Visakhapatnam: Property sales have surged in the Vizag city even before it is officially declared as an executive capital of Andhra Pradesh.

Demand for the residential flats has doubled since the government announced that Vizag city will be the executive capital of the state.

Data from Stamps and Registration Department reveals that in the first week of February, a total of 1438 flats and house sites have been registered in Vizag district.

The highest registration of 251 took place at Anandapuram and Madhuravada, both places close to the proposed secretariat in Vizag. It was followed by Dwarakanagar 213, Pendurthi 175, Bhmili 164, Gajuwaka 121 and Gopalapatnam 90. In the second week of February, over 1,500 flats and house sites were registered in Vizag city.

Vizag District Registrar K Manmadha Rao said over 70 per cent of the properties registered are located on the outskirts of the city with main focus on Madhuravada and Ananadapuram under Bheemili Assembly constituency, where the executive capital will set up

The price of the 2BHK and 3BHK flats in the apartments in and around Madhurawada region has increased by around 20 to 30 per cent as more and more people are coming forward to purchase property in the capital city.

“The price of 1,200 Sqft flat costs around Rs35 to 40 lakh in Madhurawada and Bheemili,” said B Srinivas, President of CREDAI, Vizag chapter.

Some big real-estate businessmen and property owners are not selling properties hoping that the prices might go through the roof once Vizag city formally attains capital status.

Sources in the real estate sector said the developers are making quick bucks as the buyers are clearing all the dues and seeking early registrations to avoid price escalation.

The AP government has set a target of Rs 1064 crore for the stamps and registration department in Vizag for 2019-2020. So far the department has achieved 80 per cent target.

Against the target of Rs 823 crore, the department realized Rs 607 crore till December. Similarly against the target of Rs 849 crore for 2018-2019, the department realized Rs 786 crore. In 2017-2018, against the target of Rs 742 crore, the department realized Rs 664 crore.

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