Multistorey apartments witnessing more demand than supply in Vijayawada Apartments were the most transacted housing category and the capital values of the same noted a uniform escalation of 12-15 per cent during the same period, “the expanding IT sector after the government approving new IT and Special Economic Zone (SEZ) projects in the city has resulted in demand for quality office spaces and homes and further impacting values positively.” “Availability of space at lesser unit values are the key attributes fuelling the realty sector,” says Shivan. Also, Vijayawada is witnessing limited development and there are more residential land projects than apartments, End users can buy residential land starting from Rs 4 lakh at near Gannavaram airport. Developers such as Yugaandhar Housing Pvt Ltd, KVR Building Blocks Projects India Private Limited and RP Builders are the active developers of the city. Few local developers are coming-up with a residential project where buyers can book 2 and 3 BHK apartments in resale in the price range of Rs 25-40 lakh. The current capital values of apartments vary from Rs 1,900-4,000 per sq ft depending upon location and facilities. Premium apartments in locations such as Gollapudi, Guntur Highway, Bhavanipur and Benz Circle witnessed maximum demand and value appreciation. “Growing job opportunities in the city have resulted in more demand for rental homes than supply, leading to an appreciation in rental values to up to 20 per cent,” added Kumar. “The retail sector is also expanding with the entry of mid-level retailers in the city. In the commercial sector too, the launch of new IT Parks and SEZ projects is bucking the property segments,” informs Pratap Rao from Rao Builders. Vijayawada, a Tier-II city, has witnessed the market growing on the back of government policies that drive new job opportunities as well as rising demand. “The demand for apartments currently exceed supply and that’s why few developers from neighbouring cities planning to launch their projects in Vijayawada,” The city is also witnessing numerous infrastructure development projects both by public and private players, targeted to improve connectivity, roads and other civic amenities, which scales up its potential as an emerging realty destination.
Posted on: Mon, 19 Jan 2015 06:42:58 +0000
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