Bhogapuram Airport to Boost Real Estate Sector

Visakhapatnam: The greenfield Bhogapuram International airport will give a boost to the real estate sector in addition to its positioning as an economic and logistic hub for overall regional growth.

Expressing optimism, sources in the construction sector said they are upbeat about the prospects. The airport is located northeast of Visakhapatnam at a distance of 45km. As of now, commuters have to take the National Highway and take a diversion near Vizianagaram.

The VMRDA has finalised plans to facilitate a modern ix-lane express road network between Visakhapatnam city and Bhogapuram in Vizianagaram district, which will cut down the distance by 15km.

Similarly, VMRDA is also proposing to lay 15 new roads, including several greenfield routes between Visakhapatnam and Vizianagaram to connect the airport.

The VMRDA, the Greater Visakhapatnam Municipal Corporation and the roads and buildings dept are collaborating to develop these roads at an estimated cost of Rs 390 crore.

“The roads were proposed as the metro and flyover projects are being delayed while the airport is likely to be commissioned around June next year,’’ a VMRDA official said. These roads would accelerate the real estate sector in a big way.

As the airport is strategically located to serve north Andhra and south Odisha, the road connectivity projects are under way to ensure seamless access from Vizag and other key cities.

“These roads will accelerate the realty sector in a big way. Inquiries have started pouring in since the last three months with people asking about the value and location. Some of them have come from Hyderabad, Vijayawada and Bangalore,” said AP chapter Credai chairman B Srinivas.

Srinivas told Deccan Chronicle that realtors have created 100 approved layouts between Bheemili and Bhogapuram on either side of the proposed six lane express highway. Some 100 would be added in six months, and these would be put to sale.

However, construction of apartments would take some time between Bhogapuram and Bheemili as there was plenty of space between Madhuravada and Anandapuram.

Bheemili MLA Ganta Srinivasa Rao recently said he would propose VMRDA to construct 5,000 houses between Bheemili and Bhogapuram either in the form of apartments or individual houses.

Srinivas said the airport would bring in more IT companies and the upcoming star hotels like Oberoi, Mayfair, Taj and several resorts close to the airport on the beach which would further boost the realty sector.

After the Ahmedabad air crash, the authorities are however cautious about the construction of high-rise buildings close to the airport. They would strictly implement the airport funnel zone limits.