Land Rates Skyrocketing in Vizag!

The announcement of Vishakapatnam as the Smart City has given the much required push to the real estate in Vishakapatnam. Lands in prime locations along the road to Bheemili from NH-16, Gambheeram as well as Anandapuram-Bhogapuram, where the greenfield airport is slated to come up have seen quoting the highest prices. The lands which costed Rs 70-90 lakh per acre just three to four months ago in these areas have now rised up to nearly Rs 2-3 crore per acre.

The investments in Real Estate flew only towards Vijayawada and surroundings after the state bifurcation. But the land rates have gone too high there and a segment of realtors have now targeted Vishakapatnam because of recent developments – especially the `smart city’ announcement.

However there is also the iron fist of brokers ruling the real estate in Vishakapatnam. Almost 70% of the prime land is in the hands of the brokers and they are sitting on the lands and are trying to create an artificial boom hoping to cash in on the development of Vizag.