Vizianagaram, well known for its handicrafts and art, was established in 1979, has grown to become Andhra Pradesh’s largest municipality in terms of population. Its economy thrives in various sectors and is set to reap benefits for investors and buyers. That is, thanks to improving civic infrastructure, healthcare, education, and leisure facilities.
In addition, with Visakhapatnam being announced as the executive capital of Andhra Pradesh early in 2023, it will continue to develop and eventually extend to surrounding areas including key cities like Vizianagaram.
Therefore, it is becoming a formidable city making the prospects for real estate in Vizianagaram very bright.
That also means it is now a great time to buy villa plots in Vizianagaram. Let’s find out why you should consider investing in real estate in Vizianagaram.
IT investments are expected to boom in Vizianagaram
The ripple effects of the booming IT sector in Hyderabad are influencing key cities and their surroundings, including Visakhapatnam. In fact, during a two-day IT conference held in the city, the government announced its plans to develop an IT corridor extending from Visakhapatnam to Bhogapuram, where the latter will soon become home to an international airport.
It will be constructed over 90 acres of land with various incentives being offered to businesses that choose to set up or move their operations in the corridor.
Additionally, the area of Madhurawada may become home to ‘I-Space Business Park, a new IT park, with interest expressed by Andhra Pradesh Industrial Infrastructure Corporation (APIIC), on a 19-acre area of land.
The proposed park would have IT/ITeS offices, commercial office space, a business center, and more, besides conference spaces, a business hotel, service apartments, open-air theatres, and food & beverage facilities, at a total cost of 2,300 crore.
Such developments prompted IT experts to predict Visakhapatnam becoming a top tier-two city for IT in the future, which will undoubtedly have positive effects on the Vizianagaram region in terms of investments and growth.
Industrial developments is on the rise in Vizianagaram
There are many other developments that will serve to advance the district even further, in terms of industries and infrastructure.
At the AP Investors Summit in 2023, the Adani Group said it will develop two cement plants. The group also said that it is developing 15,000 MW of renewable projects over the next few years in five districts, including Vizianagaram and Visakhapatnam.
In addition, public infrastructure is being elevated to new levels. For instance, Prime Minister Narendra Modi virtually laid the foundation stone to redevelop the Vizianagaram Railway Station, under the Amrit Bharat Railway Station scheme which offers better waiting halls, lifts & escalators, and free WiFi capabilities.
Thanks to these future developments, this is a good time to consider Vizianagaram real estate investment before property values and land prices shoot up.
Real estate growth is staggering
The result of this accelerated growth automatically calls for real estate infrastructure to be built both on the commercial and residential side, making it a key reason you should buy villa plots in Vizianagaram. In fact, the State General Secretary of the Confederation of Real Estate Developers' Associations of India (CREDAI) says the realty sector will grow quickly in Vizianagaram, its surrounding areas, and certainly beyond, in 2023. This is largely due to the international airport being built in Bhogapuram and other developmental activities picking up pace in Visakhapatnam.
Mr. Bose goes into detail about how prices of apartments have gone up steeply in Visakhapatnam over the last two years. Apartments even in the outskirts of Visakhapatnam are selling for ₹60 to ₹75 lakh. As a result, there is a gold rush for luxury flats costing around ₹40 to ₹50 lakh, matching the home loan amount usually sanctioned for today's average-earning jobholder. Vizianagaram also works as a satellite city, with the journey time being under an hour between Visakhapatnam. That is also pushing denizens to buy their dream homes in Fort City (the other name of Vizianagaram).
Funds are being directed into educational institutions
Given those investing in Vizianagaram will want a world-class education ecosystem to ensure their children become competitive once they move into higher education and career roles, the Vizianagram administration is making significant strides in this respect. It also offers locals who want to settle in the area, and those who already live there, chances to seek higher education opportunities closer to them.
Stories that showcase this include Andhra Pradesh Chief Minister, Y.S. Jagan Mohan Reddy inaugurating five new government medical colleges in Vizianagaram in 2023.
Furthermore, in August of this year, the CM and Union Minister for Education and Skill Development, Dharmendra Pradhan laid the foundation stone for the Central Tribal University, to cater to the higher education needs of the tribals.
The university costs around Rs.834 crores and is being constructed on 561.88 acres in Mentada and Dattijeru mandals of Saluru Assembly constituency in the Vizianagaram district.
Tourism will further help in economic growth
Tourism, if developed properly, generates jobs, strengthens local economies, contributes to infrastructural development, and helps preserve localities.
Earlier this year in March, global investors looking to increase tourism in the Visakhapatnam area signed many Memoranda of Understanding (MoUs) with the Andhra Pradesh government, at the Global Investors Summit (GIs) in the city.
It didn't stop there. 17 entrepreneurs signed the MoUs which totalled INR 22,906 crore. The feather in the cap is the Tourism MD Kanna Babu saying the tourism sector signed the highest number of MoUs during the GIS. The projects expected to come up span wellness and beach resorts, including hotels, adventure, water and sky sports, and race tracks. This is another clear indicator of why you should focus on making Vizianagaram real estate investment a reality.
Green efforts to reduce pollution
Eco-friendly and green initiatives will become key factors in the development of new localities and influence the way real estate infrastructure is built. Factors like effective and sustainable sanitation, bio trash management & more help recycle waste effectively, while improving hygiene and cleanliness of the locality. This goes a long way in increasing the value of land and property.
In fact, during the summer of 2023, R Sriramulu Naidu, the Municipal Commissioner of Vizianagaram urged textile showrooms and other stores to offer only jute instead of plastic bags to customers.
Conclusion
With these changes and developments happening quickly in Vizianagaram, the district will see rapid changes in real estate over the next few years. For those wishing to make the most of these changes, those that act quickly will reap the benefits in the future.
To know more on how to make land purchases or how to buy villa plots in Vizianagaram with advice from real estate experts in the region, take a look at what we do today.
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