Visakhapatnam

The development trend of Visakhapatnam is multi directional. One industry is dependent on another and the property rates are also influenced by each other. A decade ago, the demand for the residential property was mainly dependent on the people working in the industries. In the recent past, the trend has changed and people are looking for residential property for the following reasons-

• Visakhapatnam is an ideal choice for people who are retired of their job and want a peaceful environment
• Visakhapatnam has a well developed education system. It has wide network of school and colleges both government and private and the numbers are rising. Large number of students look for accommodation facilities.
• The commercial value of the city has increased. Small traders and businessmen look for residential property to establish themselves.
• The standard of living in this city is better than in other cities. This is another reason for an increase in demand of residential property.

Visakhapatnam is essentially an industrial city and the demand for industrial property has never declined. This city is full of resources ideal for industrial development and expansion. Some of the major industries of India have their base in Visakhapatnam. There are several new companies dependent on the existing industries are looking for industrial property.

Visakhapatnam Steel Plant has announced an investment of Rs 8,692 crore for its Phase II expansion plans. The investment aimed at modernization and expansion of capacity is in line with the National Steel Policy. The basic requirement for initiative like this is industrial property. Since there is a port, every major and minor industries have set up their base in this city. Some of the major industries of Visakhapatnam are: Hindustan Shipyard Limited, NTPC, HPCL - Oil Refinery (Hindustan Petroleum Corporation Limited), Bharat Heavy Plate and Vessels Ltd (BHPV), Hindustan Zinc Limited, Rashtriya Ispat Nigam Limited (RINL), etc.

One aspect of the city has really come to the attention of investors and developers and that is the commercial value. Government bodies are mainly responsible for this factor as the investment policies are very encouraging. An MOU signed between AP State Govt. and Consortium of entrepreneurs for 3000 crore tourism project in Visakhapatnam sea coast is just an example.

Consortium is requesting 1200 acres land from the state government as its share. Similarly, hundreds of companies are looking either for plots for fresh construction or for offices already built. The exchange of commercial properties is rising and people are realizing the benefits of real estate investment in developing cities like Visakhapatnam.

Apart from heavy industries there are many I.T based industries in Visakhapatnam. Vizag Special Economic Zone is playing major role in the expansion of business in Visakhapatnam. It has been in news that software industry is looking for new bases. A shift from Bangalore to cities including Visakhapatnam is already happening.