Apartment rentals see 20% surge in Visakhapatnam

24 Dec 2021 CW Team

Even though the pandemic scare has been around for about two years, apartment rentals in the port city have surged by approximately 20%.

Brokers in the city told the media that the apartments in Sagarnagar, Yendada, Madhurawada, and PM Palem are in high demand since the buzz is that development will be focused, between Yendada and Madhurawada, till Anandapuram and Bheemili.

Several new apartment complexes are coming up in Sagarnagar, Yendada, Madhurawada, Kommadi, PM Palem, Bakkannapalem, IT Park area, Visalakshinagar, and other places on the outskirts where people are deciding to either rent or purchase homes.

KR Naidu, a broker, told the media that earlier, people chose beachfront flats or those near the Beach Road with a sea view, but now 50% of customers are asking for apartments in Sagarnagar, Yendada, Midhilapuri Vuda Colony, near IT park, Kommadi, PM Palem and other places on the outskirts.

In Yendada, a double bedroom gated community flat has a rent between Rs 15,000 and Rs 25,000 based on the amenities and distance from the main road. Comparatively, rent for a 2 BHK furnished flat was between Rs 8,000 and Rs 10,000 six years back in Sagarnagar, Yendada and Midhilapuri Vuda Colony.

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