Thursday, May 6, 2021

Is Vizag becoming another Amravati?

  • Property investors in mad rush towards Vizag
  • They strongly believe Vizag will be Executive capital soon
  • Huge Spike in land registrations in Vizag city and Vizianagaram district

Amravati: When India is witnessing second wave of Covid pandemic, Vizag city and its adjacent Vizianagaram district are heading towards rush in property investors. People of AP strongly believe that the State Government is making quick moves to shift executive capital from Amravati to Vishakhapatnam. This became more clear after AP CM Jagan Mohan Reddy inaugurated Orvakal airport in Kurnool, one step forward to make Kurnool the judicial capital.

Slew of development measures

Action plan of Bhoghapuram airport, RK beach corridor, expansion of beach road from Visakhapatnam to Bhimili, bringing 13 mandals under VMRDA by State Government are pushing AP people to fix in mind that Vishakha will become the executive capital in a few months. The rush for land registrations shows how mad people are to buy the property in and around Vizag replicating the scenes of 2015 around Amravati.

For example, Vizag city in 2019-20 generated 595 crores from a total 8 Sub-registrar offices, and in 202-2021 until now it raked 654 crores  with Bhimili standing in top position with 107 percent of target accounted by generating Rs. 62 crore.

Revenue from land registration growing

Bheemili, Madhurawada, Pendurthi and Gopalapatnam witnessed a good growth in 2020-21 as per Visakhapatnam Sub Registrar Manmadha Rao. The announcement of Bhoghapuram airport in Vizianagaram district, made to generate Rs. 37 crore in its vicinity of Registrar office. Anandapuram and Bhoghapuram are witnessing huge rush of investors in both plots and flats as people of various districts in AP are of the view that both Vizag and Vizianagaram will emerge as twin cities in future.

Same scene in 2015 between Krishna and Guntur

The show is just a repeat of 2015 when investors rushed in a hurry to invest between Krishna and Guntur districts with a hope that both these will become as twin cities and land rates will grow. The rush made them to purchase at 5 to 6 times the actual value of the land price. The cases are pertained in High Court and the status of Amravati and its future are not known as on today, and there were no buyers  to purchase even for lower rate. Now the realtors moved to Vizag to balance their losses incurred near Amravati and if investors purchase the land in hype which is created showing it as executive Capital, they may face hard time, if any plans are changed by Government, said a senior citizen of Vizag who has been observing the rise in land prices for the past four months. “It was just one rupee in October 2020, now they are saying  20 rupees, what is this artificial hype and where is it leading to?” He questioned realtors and warned people to be on safe side and not to fall in trap of realtors.

Well, will investors head his caution? Looks quite unlikely as per present scenario in Vizag.

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