In 2023, the real estate industry in Visakhapatnam experienced a notably prosperous period. Reports indicate a substantial surge in business compared to the previous year, with properties like flats, plots, and villas totaling around ₹1,500 crore in sales. Several factors contributed to this growth, including the ongoing Bhogapuram International Airport project, new industrial launches on the city's outskirts, the establishment of Infosys' camp office, and the visible progress on the Chief Minister's proposed camp office building at Rushikonda.
Additionally, property values for residential, commercial, and agricultural land soared by 50% since June 1, as per the Andhra Pradesh Registration and Stamps Department. Notably, the market value of residential plots in the Madhurawada sub-registrar office limits increased significantly from ₹6,300-₹40,000 to ₹11,000-₹60,000 per square yard since June 1, making it the city's most valuable area in 2023.
The annual property expo organized by CREDAI, Visakhapatnam, received substantial attention, with YSRCP's regional coordinator expressing optimism about the city's future growth in real estate. However, S. Srinivasa Rao, a business development manager, highlighted challenges in selling plots and flats, noting the higher demand for flats due to space constraints within the city.
Bankers emphasized that interest rate fluctuations on home loans relied on RBI guidelines, typically ranging between 8% and 10% in 2023 based on individual CIBIL scores. CREDAI's honorary secretary, E. Ashok Kumar, lauded 2023 as a positive year for the sector, foreseeing a potentially slower first quarter in 2024 due to general elections, with the industry's future trajectory hinging on the incoming government's policies.
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