VISAKHAPATNAM: Villa culture is slowly catching up in Vizag even as it is emerging as one of the fastest growing cities in the country. Now, the focus of GVMC is on expanding basic infrastructure to meet the needs of ever growing population for the next 50 years.
The total number of villas (ventures) in the city was in double digits till 2007. Now, their number has crossed a couple of thousands as there are about 15 ventures of villas in and around Vizag. The first series of villa construction began in the early 2000 when row houses were constructed at Kommadi. Later, villas were built in Gajuwaka, Madhurawada, Kapuluppada, Bheemili and other areas where the cost of land is low. There has been a growing preference for gated villas since 2015.
Venkata Krishna Praveen, a techie from Hyderabad, who has been scouting for a suitable property in and around Vizag, said he and his friends initially planned to buy house sites. However, they have changed their plan and want to buy a villa now. “Our top priority is location of the villa and that too in a gated community where all facilities are present. Quality construction and good track record of promoter are equally important to us. We have zeroed in on three or four ventures and may take a decision soon,” he said.
H Chandrasekhar of Vijayawada said, “I am looking for villas in the Port City, which is within our range and budget, but at the same time they should be on par with other villas as far as facilities are concerned. Quality of construction and material used are equally important.”
A villa in 200 to 300 sq yards in Madhurawada generally costs Rs 2 to Rs 3 crore due to prohibitive land price. Those in other parts of the city with the same plinth area cost Rs 1 to Rs 2 crore. The villas of same area costed Rs 60 lakh to Rs 80 lakh in 2007.
Honeyy group chairman M Obul Reddy said, “A majority of Vizag population belongs to the middle class and only 5 per cent can afford villas, which cost around Rs 2 to Rs 3 crore. After the lockdown, more enquiries are coming from NRIs and people from other districts with regard to purchase of property in Visakhapatnam.”
Now, villas are fast coming up in Madhurawada and Duvvada. At Kothavalasa, both individual houses and villas are being built. In Madhurawada, villas in 200 sq yards are priced at Rs 8,000 per sq ft. In view of the prohibitive cost, villas are also being constructed even in 160 sq yards. There are gated community villas in Tarakarama Layout at Kapuluppada.
Though there is no villa boom in Vizag, like Hyderabad, it is certainly gaining momentum in the Port City. As there is more demand for villas costing less than Rs 1 crore from middle class people, several ventures are coming up at Tagarapuvalasa, he said.
Real estate analyst Ravikant said at least five to 10 villa projects with 20 to 100 units in each venture are in the pipeline. “Most of them are likely to come up on Pendurthi - Bheemili road. Some owners in Bheemili are giving their buildings on rent. They are said to be charging Rs 10,000 to Rs 20,000 per day.
B Sreenivas of CREDAI said, “Villas are only coming up on the outskirts of the city. There is a new trend after lockdown. People are now willing to own houses as interest rates for housing schemes are on the decline. After the RERA Act came into force, prospective buyers are in a safe position as it is mandatory for promoters to meet all the promised specifications.”
Ramamohan, another analyst, was of the opinion that NRIs and the affluent from Godavari and coastal districts are keen on owning property, mostly villas, in Vizag.
Poor response to VUDA row house project
The row house project of Visakhapatnam Urban Development Authority (VUDA) had received a poor response from people when it was executed in 2007. Though VUDA built 88 row houses near Rushikonda, 58 of them remained vacant for several years. The upset price for these houses was fixed at Rs 71 lakh (2,066 sq ft plinth area) for A category
What RERA says
It is mandatory to register layouts of above 500 sq m, or eight or more apartments/villas with the APRERA. It is illegal to sell or publicise layouts or apartments/villas without RERA registration. As per the RERA, if any promoter contravenes Section 3 of the RERA Act, 2016, action will be taken as per the penal provisions conferred under section 59(1) and (2) of the Act
More realty ventures
418 projects, including villas, apartments and layouts have been registered in Visakhapatnam with the Real Estate Regulatory Authority (RERA) from February 2018 to Nov 18, 2020
147 new projects have been registered with RERA from August 2019 to November 18, 2020