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Talk about Bhogapuram Airport work evokes realty interest
Talk about Bhogapuram Airport work evokes realty interest
The Vizag’s development is moving towards Madhurawada and Tagarapuvalasa due to abnormal increase in land prices and severe scarcity of independent plots
Visakhapatnam: The buzz that the work on the Bhogapuram International Airport near here will be launched in the New Year has led to an increase in the prices of plots in private layouts in the vicinity.
Though the project was approved by the Ministry of Civil Aviation in 2015, the construction work could not be taken up due to change of government and court cases. During the previous government, then Chief Minister N Chandrababu Naidu had laid the foundation stone just before the elections. After coming to power, the YSRCP Government reduced the size of the airport project from 5,311 acres to 2,200 acres. It also dropped plans to develop it into a aerotropoli.
As there are problems with regard to availability of flying slots for private airlines at Visakhapatnam International Airport, which is also used for naval purposes, the idea of another greenfield airport was conceived in 1995.
The city's development is moving towards Madhurawada and Tagarapuvalasa due to abnormal increase in land prices and severe scarcity of independent plots. There is speculation that once Bhogapuram Airport work starts, the area may develop into a satellite township as the YSRCP Government has plans to connect with Metro Rail and a 6-lane Beach Road Corridor projects.
Taking advantage of the situation, several realty operators are cashing in on the demand for investment in individual plots. Layout developers are selling plots with early bird offers. "In future it will emerge as another Shamshabad," P Srinivasa Kumar, a realty operator, told Bizz Buzz. The plot rates have gone up at least by 20 to 25 per cent in the recent past even as court cases are continuing over acquisition of 89.47 acres in Ravada, Ravivalasa and few other villages.
Bhogapuram is close to Gambheeram IT SEZ and Industrial Estate. Indian Institute of Management (IIM) is also located closeby. The area is about 40 km from Visakhapatnam, 20 km from Vizianagaram and 45 km from Srikakulam.
A special purpose vehicle GMR Visakhapatnam International Airport Limited has been formed by GMR after it was given a Letter of Award by the YSRCP Government in February, 2019.
Chief Minister YS Jagan Mohan Reddy during his recent visit to New Delhi urged Prime Minister Narendra Modi and Civil Aviation Minister Jyotiraditya Scindia to sanction aid and expedite site clearance for the airport project.
