Realty boom in Sabbavaram: National varsities push up real estate prices
Visakhapatnam: Real estate prices have increasing in and around Sabbavaram in Vizag district as the region will be housing three national universities — Indian Maritime University, Indian Institute of Petroleum and Energy and Damodaram Sanjivayya National Law University besides Skill Development Institute.
The real estate prices have more than doubled in the past two years following the foundation stone ceremonies of the universities in the area. Leaders of Left parties and social activists are worrying that the real estate boom would affect the horticulture sector.
The Sabbavaram region is known for the production of a variety of vegetables round the clock and Vizag markets at least 80 to 100 tonnes of vegetables daily from Sabbavaram region only.
Realty sources said that the plots in between Sabbavaram and Anandapuram and also in between Sabbavaram and Anakapalle are selling at around Rs 3,000 to Rs 5,000 per square yard whereas the price was around Rs 1,000 to Rs 2,000 per square yard just two years back. Two to three years back, one acre of land (farm land) was available around Rs 4 lakh and now it is close to Rs 20 lakh to Rs 25 lakh.
Mr K. Rama Krishna Rao, chairman of Confederation of Real Estate Developers Association of India (CREDAI), Vizag chapter, said the Sabbavaram region would be developed as the best residential area years as the basic amenities would be improved.
The area is pollution free and the Anandapuram-Anakapalle road will be widened in the couple of years. The prices of plots and farm lands in and around Sabbavaram will further increase as majority of people wanted to stay in pollution free areas, he added.
The government should take some steps to restrict the conversion of agricultural lands into concrete jungles in Sabbavaram as the area is the vegetable basket of the region said K. Lokanatham of CPM.
