Mega tourism projects to boost Vizag land prices
KMP Patnaik Visakhapatnam: The announcement of mega tourism projects worth Rs 45.88 crore in the Visakahapatnam-Bhimili beach corridor is likely to...
The project envisages development of tourism facilities and beautification of beach corridor circuit at Bheemunipatnam, Erramattidibbalu, Kailashgiri, Mangamaripeta Beach, RK Beach, Thotlakonda, Pavuralakonda, Rushikonda, Bhavikonda.
This will be a major attraction for hotel industry in the corridor if built on the land parallel to the beach. The sea side construction would be possible only after clearances from the coastal zone regulations. Already some hotels have come up while clearances from with the Ministry of Environment and Forests are awaited. The land price along the beach road is hovering around Rs 20,000 per sq yd and Rs 25,000-30,000 around Rushikonda. The IT SEZ already gave a boost to the prices in the Rushikonda and surrounding areas.
Well known property dealer S Bhujanga Rao said the VUDA bulk auction in 2007 increased the land prices, but due to recession the prices have come down. Many developers and investors believe that the announcement of the Tourism Minister came at the right time and the properties will get a good appreciation, he said. "If the government gives any hint on separation of the State, the prices will be out of reach for the common people,'' Rao added.