Vizag should be ideal capital for Seemandhra: Credai

Property prices in Hyderabad to gain in next 6 months

Presented with a natural harbour, long seafront and cosmopolitan flair, Visakhapatnam is well suited to be the capital city for the residual Andhra Pradesh, said C Shekar Reddy, national president of the Confederation of Real Estate Developers' Associations of India (Credai).

“Going by the global experience, cities facing waterfront have flourished economically in a big way. Vizag, with its growing IT and ITeS industry and pharma base, coupled with low-cost labour, has the charm to attract the attention of global investors,” he told mediapersons.

He said the city had enough land bank and could tap into the areas of Vizianagaram district to meet the needs of the Seemandhra capital. Visakhapatnam, which is the headquarters of Eastern Naval Command, is in the race for the new capital of residual AP along with Guntur-Vijayawada region, Tirupati, Ongole among others.

Reddy said Vizag scored next to Hyderabad in total residential plots sold annually. As against the average 30,000 residential units absorbed every year in Hyderabad, Vizag sold 4,000 units. Among the Tier-II locations, while the demand in Vijayawada was around 2,000 units, it is 200-400 a year in Guntur and Tirupati.

After Hyderabad, Vizag is the most-preferred destination in the united AP among the non-resident Indian community for acquiring properties, Reddy added.

Speaking at the inauguration of the three-day Credai property show here today, Reddy said the residential property rates here would move higher from the current levels tracking the demand improvement across the country.