Andhra Pradesh

The real-estate sector in Andhra Pradesh has shrugged off the slowdown blues and developers are banking on users to spur the next phase of growth as against speculative buying a couple of years ago. The Andhra Pradesh Government has also brought about changes in the stamps and registration fee structure, which will have a bearing on the overall cost of the properties. “Since the Tier I cities of the state have already reached their development potential; builders are now focusing their attention on tier II cities like Vijayawada, Visakhapatnam, Nellore,” says Priya Arya, Marketing Executive, Sriram Panaroma Hills. Visakhapatnam, for instance, has become an important centre for the IT industries. Vizag offers easy availability of skilled labour, infrastructure and cost-effective real estate; making it all the more attractive for industrial set-ups. Tirupati is another noteworthy city in Andhra Pradesh, whose tourist potential has added more value to its real estate market. Demand for both residential and commercial properties is increasing in the city. Vijayawada too has emerged as one of the most attractive investment destinations among Tier-II cities in India. Upcoming commercial developments “The increase in outsourcing of back office operations is creating a huge demand for commercial properties in the state,” says Arya.. The retail sector is advancing with the setting up of large number of malls in the city. The state is also developing its first-ever Information Technology Investment Region (ITIR) in the country that is expected to create about 15 lakh direct and 53 lakh indirect jobs. Some of the other upcoming commercial properties in the state include: Suvarnakuteer Vizag: This is an upcoming resort by Survnabhoomi Developers in Visakhapatnam. It is spread across eight acre and offers plot ranging from 267-1,200 sq yards. Hyderabad-Vijayawada Corridor: The state government has proposed to build a high speed corridor which will reduce the distance between Hyderabad to Vijayawada to just 2 hours. The project is estimated to cost Rs 3,000 crore. Ashoka Capitol: This project by Ashoka Developers in Hyderabad comprises a commercial tower having G+4 floors. Upcoming residential developments Residential properties in the state are being built with a focus on centralised security, general ambience, shopping and recreational facilities. The development is concentrated in suburbs where land availability is considerable. Township projects are coming up in areas like Vattinagulapalli, Gaulidodi, Metchel road, Nanakrakuda and Maniconda. Some of the major upcoming residential projects in the state include: Bonsai Homes: This project by Incor Infrastructure in Medak comprises 4 blocks of G+5 floors of 1-3 BHK. It is likely to complete by January 2011. Western Plaza: This project by Western Constructions offers 468 units of 2 and 3 BHK apartments with amenties like club and swimming pool. Lemon Tree Apartments: This project by Vaishnavi Estates adjacent to IT hub of Madhapur offers 2 and 3 BHK apartments in the range of 1,155 to 2,959 sq ft.