Visakhapatnam Property Market Information

One of the main reasons that started the real fast growth and development of the city Visakhapatnam is the rapidly increased high prices of residential and commercial properties in Hyderabad. People not only from Hyderabad but also from different other places started looking for different and cheap options for building there homes and offices. As Hyderabad offered huge prices it became tough for millions of people of the average economic class to afford a better place to live. Even rents of these homes and offices were doubled making things more complicated. Over the years scenarios have changed a lot and today Visakhapatnam stands as one of the major developed and sought after real estate place for many people and companies.

Visakhapatnam offers a beautiful location, beaches, and a wonderful maritime climate. It is well connected to road and railways making it a hot tourist spot. Many people come to Visakhapatnam to enjoy there holiday, many come to work and many are already the residents of the city. This huge acceptance of the place by people and industries has increased the demand of this place. Even companies in search of commercial properties of any kind are not harassed. They too are presented with the best development opportunity to build there factory or office. The city has become one of the most famous developing grounds for knowledge based industries and IT industries.

Property in Visakhapatnam has recently undergone many changes. Industrial sectors are developing in abundance here. Non residents of India are becoming more interested in this place and are starting to invest a lot in the real estate business here. Any average person with sufficient income looks for a home that comes with at least all the basic and standard facilities required for living, but property in Visakhapatnam offers much more. It offers certain value addition facilities which have made living more exclusive. Commercial properties are located in prime areas increasing their value from every prospect. Industries are given beautiful location so that transportation of raw materials and products from different places can be delivered on time.

Sea faced property in Visakhapatnam has good demand and hence the prices of those properties are little higher than other places in this city. Sri Sai Ganesh Resideny, Radha Beach Residency, Urban Homes at Duvvada are few of the very popular properties that still have a high value in the property market of Visakhapatnam. Many such other residential projects are coming to the market and are sure to cross the awesomeness boundaries for people looking for good home. Among many such upcoming properties a few renowned are Suvarna Srinivasm, Chilukuri Housing Projects etc. Among commercial properties different properties are opening up too. Any 3 BHK residential property of around 900 sqft to 1500 sqft will cost around 10 lakhs to 25 lakhs. A three bedroom flat would cost around 26 to 35 lakhs, residential plots would cost around 1300-1500 per sqft. Service apartments many cost around 4500 rupees per square feet. Commercial plots on the other hand cost around 6000-7000 per sqft and commercial plots of offices would cost around 2500 to 4000 sqft. The prices for all the various types of places also vary depending on its location and its access to transportation centres like airport, roads and railway.

VISAKHAPATNAM URBAN DEVELOPMENT AUTHORITY

3rd Floor, Udyog Bhavan, Siripuram Jn., Visakhapatnam-530003

Ph: 0891-2754133-34

Fax: 0891-2754189

E-mail:vcvuda@yahoo.com