Vizag Maintains Its Top Rank

Vishakapatnam continues to be at Rank 3 for the second consecutive year, in top 19 tier-II cities on the basis of substantial rate of real estate construction and new launches followed by significant sales, according to a study on realty markets. This is confirmed by the latest annual report by analytics firm PropEquity on top 19 tier-II cities of India.

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Kochi and Nashik have been positioned as number 1 and 2 in the list ahead of Vizag. In the study, they have take 10 key parameters in to consideration. Some of them are price, supply, absorption, inventory, and new launch trends. They also considered the execution delays and the size of the market in value terms while deciding the rankings.

Vizag witnessed a 53% jump due to improvement in both the number of units sold and average price of units sold and there is significant 41% absorption of residential units implying solid demand for sales. The proposed Vizag-Chennai Industrial Corridor along with focus on IT and electronics and this will further boost the prospects of the city.