Visakhapatnam

Visakhapatnam or Vizag, as it is also known is a famous port city in the South Indian state of Andhra Pradesh. The city has seen a continuous rise in property prices post 2004. Improvement in infrastructure, combined with setting up of IT companies in the city has led to inflow of global investments in the realty sector.

This primarily industrial city is home to numerous state owned heavy industries, with steel plants and shipping companies. The period from 1970s to 1980s witnessed heavy investments and rapid industrialization in the city, making it an important industrial hub in India. After the phase of economic liberalization in the 1990s , the city went through another phase of development and urban sprawl.

Commercial and residential real estate
The commercial and shopping centres in Vizag are located in the Dwaraka Nagar-RTC Complex area and Jagadamda Junction area. The area has seen complete transformation in the recent years with new shopping malls and complexes.

Seafront localities like Lawson Bay Colony and MVP Colony, Gajuwaka and Pendurthi are some of the main residential areas in the city. NRIS are investing money in real estate in the sea facing areas.

Industrial real estate
The city has been an important industrial base for years and developments in the last decade have lead to a buoyancy in the realty market. Being one of the main fishing ports, its is one of the largest contributors of sea food exports.

The Vizag SEZ has also helped in industrial growth of the city. The Special Economic Zone will focus on steel manufacturing and production and will also improve employment opportunities in the city.

Real estate price rise
The real estate prices in the city have risen in the last few years. The Telangana movement for separate Telangana state led to a rise in prices. A number of IT/ ITES companies have set up offices in the city.

Companies like Satyam Computer Services Limited, TCS, Encore India have opened software development centers, which has escalated the property prices. Cash inflows from NRIs is another factor that has lead to a price rise.