Realtors have gala time in Vizag

By SNV Sudhir

Visakhapatnam, May 23, 2014: Long period of uncertainty seems to be over and realtors are optimistic about the future of real estate sector in the city- the most happening place in the new state. Realtors are getting ready to match the future demand in the sector.

Though, Vizag is not tipped to be the capital of the new state, realtors are blushing with the sudden jump in the inquiries by prospective buyers from other parts of the country and especially by Telugu NRIs.  Transactions have also gone up manifold these days.

The proposed investments in the PCPIR and the reports that the new government would make city a hub for IT, pharma and shipping sector, are the main reasons behind the sudden joy of the city based real estate agents.

Uncertainty dogged the real estate sector since 2009 due to the flip flops by the union government on state bifurcation. Though the UPA announced its firm decision to divide the state in the middle of last year, it didn’t enthuse the realtors as there was no clarity on capital or what Vizag gets in the event of bifurcation.  Later, everyone was busy with polls and its outcome.  

The real estate biz that was expected to take off in Vizag, as the Centre moved swiftly on division of the state, lagged behind until a few months back. In despair, realtors first time in Vizag offered sops to the prospective buyers of the plots.

           

Realtors offered ‘free registration’ to attract customers to at least make some money on no profit no loss basis to tide over the possible financial crisis if no plot is sold in the layouts they developed. 

They were ready to bear 8 percent of the total value of the plot that has to be paid to the land registration department of the state government. There were more than 100 such layouts that are lying idle without many transactions across the district.

“We are very happy that there has been a sudden jump in the inquiries. It is expected to reach the peak in the coming months. We have been waiting for this moment since more than 3 years. However, we are ready to offer plots at affordable prices. Since IT parks were planned in Gambheeram and Madhurawada, demand for plots have gone up there. Due to the PCPIR, there are many inquiries for plots at Atchyuthapuram and surrounding areas. Bhogapuram and Pendurthy are the other favoured places,” said Andhra Pradesh Real Estate Developmen Association (APREDA), Vizag chapter president, G Chakradhar.

There are more than 200 realtors in Vizag.