For the past couple of years, the heat of the Telangana movement had clearly started to take a toll on the real estate market in Hyderabad. Property prices dwindled by 20-30 percent as more and more investors headed towards the calmer coastal regions like Vizag.
Consequently, Vizag, the second largest city in Andhra Pradesh, witnessed a marked growth in property prices as the Telangana issue gained momentum. The growth, ever since, has been steady and progressive.
There has been fear and apprehension surrounding Vizag, in view of the Telangana state. These perceived emotions have no grounds, in fact, the consequences of Telangana state are only going to be a blessing in disguise for Vizag.
Here are some reasons why:
1. Limelight: Being the second biggest city in Andhra Pradesh, Vizag is already at an advantageous stance. The formation of Telangana will result in a shift in focus from Hyderabad to Vizag. Investor s would be more interested in alternative cities like Vizag. Hyderabad has been a huge investment destination for Andhra people. However, once Telangana is formed they might not prefer to invest there anymore. Vizag is already on a fast track lane to development with a multitude of industries ranging from IT to infrastructure. The formation of a new state will just add impetus to growth here.
2. Peaceful city: Vizag has already been a peaceful city. The political tension that is expected to arise and last for some time because of Telangana will result in migration of people from Hyderabad/Telangana to Vizag.
3. Un-Real Estate in Hyderabad: Despite claims by the media regarding the expected rise in real estate prices in Hyderabad if Telangana state is finalised, the truth could be far from it. The political climate of the region might stagnate Hyderabad for some time.
4. Prospective Capital city of AP: Though Hyderabad is geared to be the joint capital for AP and Telangana for the next ten years. The need for a separate capital for AP will arise sooner than that and Vizag could be a potential replacement.
5. Infrastructure: Vizag has the infrastructure to be the symbol of Andhra Pradesh. With an airport, seaport, well connected road and railway network, it is well equipped to sustain the weight of a burgeoning population and economic growth.
When it comes to real estate in Vizag, sales have started to pick up steadily, and the buyers have more choice and all the more reasons to invest now. Despite what the Telangana outcome maybe, Vizag’s growth to prosperity is irrefutable.
Also, noteworthy is the fact that, we are seeing a spurt of inquiries on Shriram Panorama Hills ever since the Telangana issue flared up. This itself speaks volumes about the rising interest in Vizag.
Shriram Panorama Hills stands testimony to the fact that more than 1,000 Andhra people from India and overseas, have chosen it as their future home. Interestingly enough, our customer base also has a sizeable proportion of happy customers from Hyderabad.
As per news report from Times of India, market analysts have predicted a minimum of 40% spike in business across major Seemandhra cities like Visakhapatnam, Kurnool, Tirupati and Vijayawada.
According to the experts, the market is unlikely to go up immediately. However, in a matter of six to eight months the realty market here will be in full swing. Undeniably, it will take some time for the people to get accustomed to the new arrangements but once its all set, sales will take off.
Within Vizag, developers are expecting areas like Madhurawada, Tagarapuvalasa, Bogapuram and Bheemili to attract good a number of home seekers as they are completely pollution free.
Interestingly, the temple town of Tirupati has been unaffected by the ongoing Telangana movement. However, the cost of house-sites and land has increased considerably as compared to what it was five years ago.
Given the current scenario in the state, business here is above normal than elsewhere in the state as per some real estate agents.
When the status of Tirupati was upgraded from a municipality to a corporation, land prices here increased with rumours circulating that the corporation will be upgraded further as a greater city by merging several surrounding panchayats and towns like ChandragiriRenigunta and Renigunta with it.
To sum up, it is definite that Seemandhra region, most importantly Vizag, will draw investors and the region will witness a real estate boom in the days to come.