Affordable Housing In Visakhapatnam To Get A Boost Due To Construction Of Metro Project
The Andhra Pradesh government proposal to extend the suggested metro rail project into the city’s outskirts. This decision has made the real estate developers in the city excited. Many real estate developers are now scheming to build housing societies in these areas to benefit low and middle-income groups.
Developers in the city feel that the cost of the property would increase once the time limit for the metro rail project gets closer. So, they now plan to address the working groups who they think will be using the metro on a regular basis but unable to afford the high-value property.
Former president of the Visakhapatnam chapter of Confederation of Real Estate Developers Association of India (Credai), Koteswara Rao told that a large number of the middle and lower-middle-class live in rental flats in Gajuwaka and Southern outskirts of the city as well as in Kommadi and Madhurawada. They might prefer to buy a property in Visakhapatnam and settle there permanently.
He further added that they might be able to afford homes in areas where the metro network is planned to go realizing the appreciation rate. So, they have decided to develop such Middle-income Group (MIG) and Low-income Group (LIG) projects.
As per the developer, since these projects will come under the Pradhan Mantri Awas Yojana, the cost of these flats would be less than Rs 25 lakh so that, buyers will get a discount on interest on home loans and other benefits.
The current property rate in the interiors of Gajuwaka and Kommadi is around Rs 3,000/sq.ft. On the other hand, the rate of property located on or around the highways hangs around Rs 3,500 – 4,000/sq.ft. Developers are expecting that the property rate will increase by at least 35 to 40% as soon as construction work begins.
