Owning a property is a matter of pride for anyone. This is the reason to end up having a sentimental attachment to the property we own. It is also one of the biggest investments that we make after research and preparation. Property investments are also a prime wish for the NRI, as an option to return back to their roots in India.
As per the current market scenario on Real Estate, there is a little tilt in the Real Estate Market after GST. Vijayawada is one of the largest cities in the state of Andhra Pradesh. It is the commercial capital hub of the state having a well-established and growing agriculture and industrial transportation sector. This city is also very much culturally rich and politically active. Such activities always provides commercial growth, Industrialization, transportation connectivity. These will make Vijayawada as a Global City of the Future.
Vijayawada Real Estate Market:
Presently, real estate in Vijayawada is witnessing a good business because new and big developers are coming up with new projects for residents. From residential to commercial, real estate developers are developing projects with modern amenities. Well developed, infrastructure and enormous employment opportunities will really change the real estate face of Vijayawada. Some important points are as follows:
- Vijayawada is an attractive real estate destination for the investors as well as real buyers, among the Tier-II cities in India.
- The real estate market in Vijayawada is the sellers’ market due to having large investments floating in the market.
- The Market for residential property in Vijayawada is very much growth-oriented. The reason is that it is evolving with the new concepts like residential townships.
- The commercialization of the market is also uplifting in Vijayawada, with shopping malls such as Big Bazaar and Shoppers Stop ready to set up malls in the city.
Above mentioned factors are easily showing that it is a profitable and best time to invest in Real Estate Vijayawada. Ever since the formation of Telangana state, Vijayawada city is becoming more progressive. In a report, this city was named as a “Global City of the Future”.
Good Locations for flats for sale in Vijayawada:
The location of Vijayawada adds a lot in making the place most suitable to invest. Proximity to basic amenities with respect to the property, is the necessity. Nearby workplaces, offices, schools, etc with the quiet atmosphere of friendly neighbourhood is ideal for a house or flat. This is equally applicable for rented flat or own flat. Flats for sale in Vijayawada, as well as the house for rent in Vijayawada, are available in plenty of varieties and ranges.
Some cream locations where anyone especially NRI can invest in Vijayawada are:
- Benz Circle
- Bandar Road
Why anyone should invest in Vijayawada?
Since the formation of the new state of Telangana, the destiny of Vijayawada has changed for the better. Andhra Pradesh Government has announced that post-Hyderabad, the new capital will be located near to Vijayawada. Naturally, this fact is leading towards a mad rush in investments and a steep increase in the property prices in the city. Such has been the rise that within the last one year alone, Vijaywada real estate prices have gone up by as much as 25%.
Attractive Property rates in Vijayawada:
The prices for the flats have shot up so much that they are actually comparable to property prices in California. If we compare the prices, a stretch in Livermore in California will fetch around Rs. 5.5 crores. And the same stretch beside Bandar Road, which is on the outskirts of Vijayawada, will cost Rs 24 crore. And even over Rs 20 crore at the places close to the Gannavaram airport, and in excess of Rs 15 crore near the Mangalagiri.
Increasing NRI Investment in Vijayawada:
If someone having an Indian passport, then there is no need to get any prior permission for making a property investment in India. The Reserve Bank of India has also made the rules simple to attract more foreign investment. As everyone know that the Real estate transactions are governed by the rules under the Foreign Exchange Management Act (FEMA). It is but obvious that getting the house for rent in Vijayawada is not a difficult task for NRI too.
A big reason for the rise in rates of flats is due to the more involvement of Non-Resident Indians (NRI), with the big investments from rich local financiers. These also include the owners of transport companies and some malpractices of real estate companies functioning under the jurisdiction of the Vijayawada-Guntur-Mangalargiri-Tenali Urban Development Authority.
Due to the recent slowdown in the real estate market and high inflation rates, many real estate markets have been dull and unable to attract investments. But, NRI investments saw a growing trend in Vijayawada real estate. Through investments by NRIs have gradually decreased, but still about Rs 40 crore each month.
Government Initiatives to Push Vijayawada Real Estate:
This sudden surge in prices has led the government to intervene in the real estate sector. This is because that escalating prices may hamper its plan to effectively build Vijayawada as a capital city. So, steps like banning of converting agriculture land to villas in Vijayawada and naming hundreds of illegal layouts have been undertaken in some districts. Also, the Andhra Pradesh government has made it mandatory for the developers to register their plots beforehand and has put in place regulations by making it essential for buyers to present personally at the time of property registration.
Some upcoming Real Estate Projects in Vijayawada:
- IT Park: There is a proposal of an IT park in Vijayawada. This project will come upon the 32-acre site at Kesarapalli opposite Gannavaram airport.
- Software Park: The government is considering constructing a software park. The entire land belongs to the Government Polytechnic College and ITI in the city.
- Township: A grand project is upcoming as an exclusive Township by a joint venture of Arihant Foundations & Housing Ltd. and Vijayawada-Guntur-Tenali-Mangalagiri Urban Development Authority. It is to come upon the Guntur Road at 12 km distance from Vijayawada.