Real estate sector set for massive expansion

Visakhapatnam: A bunch of major IT investments, data-centre projects and infrastructure developments are certain to infuse significant growth in Visakhapatnam’s real-estate sector.

The proposed $15-billion Google–AdaniConneX data centre investment that was announced last October has bolstered expectations that the city will shortly emerge as a major technology hub.

Areas like Madhurawada, PM Palem, Rushikonda, Yendada, Anandapuram and Kapuluppada are already attracting increasing investor attention due to their proximity to IT facilities and emerging infrastructure corridors, while Rushikonda hills are addressed as IT Hill-1, and IT Hill-2, among others. The Alluri Sitarama Raju International Airport in Bhogapuram and improved connectivity will further accelerate the development pace in North Andhra.

Over the past three years, substantial land-price appreciation in select locations has piqued investors’ interest. Meanwhile, sustained growth will depend on actual project execution, employment generation and demand for residential and commercial properties.

Apparently the expansion of traditional IT companies could boost demand for apartments, rental housing and commercial spaces. At the same time, challenges such as water availability, infrastructure gaps, speculative pricing and oversupply need meticulous planning. By facilitating Godavari water, the Chandrababu Naidu-led NDA government in Andhra Pradesh is taking considerable measures to ensure sufficient water supply to the city.

Recent measures introduced by the Municipal Administration and Urban Development Department have signaled positive growth to the sector by streamlining Occupancy Certificate issuance and mortgage release under the Andhra Pradesh Development Permission Management System. Apparently, these investments could diversify the city’s economy and attract further businesses, Ashok Kumar reasoned.

“Visakhapatnam has the potential to emerge as an important technology and business destination. The real impact of these investments will depend on projects becoming operational and creations of jobs,” he stressed.

The IT corridor encompassing Madhurawada, Rushikonda and Kapuluppada is expected to drive commercial and residential development. Improved rail and road connectivity will strengthen the city’s appeal, especially if due attention is paid to essential infrastructure, including power, water supply, drainage and public transport.

Ashok Kumar said urban planning must complement industrial investment.

Welcoming the move, Dharmender Varada, chairman of CREDAI Visakhapatnam chapter, opined that procedural simplification could reduce delays and improve investor confidence. “Timely Occupancy Certificates and mortgage release help complete property transactions and free up capital. Effective implementation of these reforms could provide a much-needed boost to the sector,” he pointed out.

ABOUT THE AUTHOR

Vasu Potnuru

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Potnuru Srinivasa Rao (Vasu Potnuru) is an experienced journalist specialised in politics, sports, crime, general topics and tribal stories. With 18 years of writing and reporting expertise, he contributes to The Hans India's editorial department as Principal Correspondent based in Visakhapatnam. Vasu Potnuru completed his Bachelor of Business Management. Earlier, he worked as a staff reporter in a leading Telugu vernacular. During free time, the journalist spends time listening to music, playing cricket and shuttle badminton. Vasu Potnuru, an accomplished writer, honed his expertise in various genres such as politics, crime, sports and general topics. He received an award from the HYBIZ Media Awards for the Best Rural Story in both Andhra Pradesh and Telangana. Also, he bagged the Best Crime Reporter Award in Visakhapatnam. He serves in different unions of working journalists and contributes to service activities.

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