VISAKHAPATNAM: The port city is the best place for investment in real estate, opined the experts at a panel discussion on ‘Vizag Property -Trends Today and Tomorrow’ at Credai-VSP Property Expo-2017 at AU Engineering College Grounds on Sunday.
Initiating the discussion, G Sambasiva Rao of AP Chamber of Commerce and Industry said several industries and other projects in the field of tourism, education, and IT are in the pipeline and such development would boost the real estate sector. “Development of six lane roads and the international airport at Bhogapuram would also contribute to the development of real estate,” he added.
O Naresh Kumar, managing director of Symbiosis IT firm, said even though the IT sector had a late start in the city, it has picked up in recent years thanks to surplus power supply and other steps taken by the state government. The revenue from the IT sector was Rs 2,000 crore per year and is expected to go up, he added. President of Credai-VSP, GVVS Narayana said there was no possibility of prices of flats coming down, but are likely to rise. P Koteswara Rao, convener of the Property Expo, made a plea for construction of a modern convention centre in the city.
Pappula Chalapati Rao, MLC, appreciated the contribution of Vizag Credai Chapter to the overall development of the city, especially housing. G Chakradhar, president, APREDA (Andhra Pradesh Real Estate Developers Association) asserted that demonetisation had no negative impact on the housing sector.
He said the master plan of Vizag is being revised. This would take at least one to one and a half years. Representatives from real estate sector should represent to the government and get required changes incorporated in the proposed master plan.
Credits ET Realty