With the announcement that Visakhapatnam will be developed as the executive capital, the land prices have suddenly gone up in Vizianagaram district. Following the announcement, the number of those developing ventures and selling plots has sharply increased. The real estate business in Visakhapatnam-Vizianagaram has received a boost. The main reason for this is the capital announcement.
The land prices had started rising with the announcement of Bhogapuram airport. As the airport is going to come up in Bhogapuram, real estate ventures have mushroomed in the surrounding lands. With the executive capital announcement, the prices have further gone up. Well-known real estate companies have entered the field and they are buying huge tracts of land to develop ventures. The capital announcement has triggered a storm.
With the capital announcement, land is not available for purchase in mandals like Bheemili, Pusapati Rega and Bhogapuram. There are several real ventures along Visakhapatnam-Vizianagaram national highway. Real estate business has also picked up in Thagarapuvalasa and Anandapuram mandals. The main reason for this is said to be BN Rao committee report. Realtors are making the buyers believe that the capital will come up here as the committee has recommended that that the capital should be built 40 km north of Visakhapatnam.
As a result the land prices between Visakhapatnam and Vizianagaram have skyrocketed. With many ventures coming up here, realtors themselves jacked up the prices. The land prices have gone up three-fold. Thus the capital announcement has given a big boost to real estate business. However, the prices are not affordable for common people. All in all, with the capital announcement it is a boom time for the region between Vizianagaram and Visakhapatnam.