Real estate prices in Visakhapatnam are changing rapidly. But shocking is that there is no demand from Telugu people in the region.
Areas such as Bhogapuram, MVP Colony, Madhurawada, Muralinagar, Sujatha Nagar and the Beach Road belt are witnessing a steady increase in prices.
How the prices are steadily increasing despite no demand from Telugu people? Th realtors say that nearly half of the investors are from Odisha and West Bengal.
The reasons behind this trend are striking. People from Coastal Andhra and Rayalaseema are not investing in Vizag unless they have some emotional or familial connection, despite it being the most beautiful city in the state.
For those from Rayalaseema, proximity to Bengaluru, Chennai and Hyderabad is a major factor. Investors from Anantapur prefer Bengaluru, while those from Chittoor and even Nellore show greater interest in Chennai’s real estate. People from Kurnool and Kadapa are largely investing in Hyderabad.
When it comes to Coastal Andhra, the pattern is similar. Even investors from cities such as Rajahmundry and Kakinada continue to prefer Hyderabad rather than Vizag, though it is close to them.
Those who are actually buying in Vizag are mostly from the Vizag to Srikakulam belt, along with a significant number of investors from Odisha, who see the city as attractive and conveniently located.
At this stage, attracting large residential investors from within Andhra Pradesh itself has become a major challenge for the state, regardless of which party is in power.
Despite the present government offering land to multinational companies at 99 paise per acre, investor confidence is not rising as expected.
This raises important questions about whether people truly believe in the promised growth and whether such incentives alone are enough to trigger a real estate boom.
Meanwhile, in the absence of a broad-based real estate surge, vast stretches of public land are being allocated to multinational companies at extremely low prices.
