Property registrations zoom by 33% in Vizag

VISAKHAPATNAM: Even as the current financial year is drawing to a close, property registrations in the Port City have shot up by nearly 33% in the last 11 months.

According to stamps and registration department data, the eight sub-registrar offices in the city raked in Rs 333.31 crore so far this year as compared to Rs 250.63 crore during the same period in 2014-15.

Among the eight sub-registrar offices, Vizag city and Madhurawada raked in the highest revenue of Rs 80.33 crore and Rs 63.94 crore, respectively. "The major reason for these two centres earning high revenue is the high real estate value in the core city area and the increasing number of transactions in Madhurawada, which is close to the IT hub being planned by the state government," said realtor B Narayana.

However, the highest jump in revenue of 76% was noticed in Anandapuram, where the revenue increased to Rs 37.45 crore in April-February 2015-16 from Rs 21.27 crore in April-February 2014-15.

"Ever since it was announced that the Bhogapuram airport and IIM will be in the vicinity of Anandapuram, the area around has been attracting a large number of people. Also, the rates in Madhurawada are quite high and beyond the reach of many due to which people are moving towards areas closer to Anandapuram," said real estate agent KS Sarma. "As of now, Gopalapatnam and Pendurthi may be lower in terms of revenue realisation, but as focus grows on the pharma sector and more industries come up in and around Atchuthapuram, these two areas are also expected to pick up pace," he added.

"Vizag has been a stable market for a long time and people from various parts of the state are looking to settle in the city because of this very reason. Unlike other major cities, the investors in Vizag are genuine people and many of them are looking at property investments from the long-term perspective. Already Vizag has been selected among the top 20 cities for a smart city project and a new airport is also coming up, which will, in turn, fuel growth in the entire north coastal AP region. So, considering that Vizag will be the hub of all these activities, people are convinced that the city is a safe bet for property investment," said another realtor Narasimha Rao.