Visakhapatnam: Real estate prices in Visakhapatnam are experiencing a staggering surge. The rates have hit an unprecedented high of Rs 10,000 rupees per square foot. This has raised concerns among potential buyers.
Real estate owners have refuted claims that the escalation in prices is solely due to announcement of the Chief Minister's office coming up in the city.
Speaking to Deccan Chronicle, CREDAI general secretary Bayana Srinivas Rao shed light on the current trend in Visakhapatnam's real estate landscape. He said the city is already recognised as a bustling business hub. Then, there is presence of major industries, public centres and scenic beach corridors. These have significantly contributed to the city's allure, attracting not just working professionals but also individuals contemplating retirement.
It is these aspects that have brought a surge in property rates. In addition, construction costs have escalated, primarily due to increase in material costs and labour expenses.
The persistent high demand for residential properties is unwavering. Pricing of open plots and lands is more speculative than the relatively stable apartment market.
Srinivas Rao said square foot rates range between Rs 7,000 and rs 10,000. Rates in areas like Madhurawada are more moderate, averaging between Rs 4,000–5,000 per square foot.
Rs 10,000 per square foot is the highest going rate at RK Beach. Price variations are minimal in Rushikonda and Sagar Nagar when compared to Madhurawada, with the average cost of a two BHK flat being Rs 40 lakh.
