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News & Views on Indian Real Estate

Friday, June 13, 2008

Visakhapatnam - Upcoming Real Estate Destination

In Indian real estate today, the only constant is change. Hot destinations of the last year are not assuredly the best options this year, and the next year brings its unique set of emerging investment destinations with it. Forget about the survival of the fittest. When it comes to real estate, the thumb-rule is simple — survival beyond saturation. The idea is that once a tier-one city’s emergency light goes red (indicating overload), start spreading into nearby tier-two cities. While north India has already witnessed this phenomenon, it is now the south’s turn to spring up architectural delights in the shape of housing projects which promise an entire city within a city. Topping the list of development and for investment, say experts, are Visakhapatnam (Vizag), Kochi, Mysore and Coimbatore. Visakhapatnam, one of the fast-emerging tier III cities of India is expected to be one of the next growth drivers over the decade, according to Jones Lang LaSalle Meghraj (JLLM). The city is witnessing fast growth in the residential sector. Large residential projects are being developed in areas such as Madhurawada and Rishikonda. These include KSR-Jurong Sunny Isles comprising 54 villas and another integrated township project with villas and apartments in Yendana. On the retail front, there are no operational malls in the city currently, but there are six malls under various stages of construction expected to be operational by 2010.

Rajani said...

Due to hike in rate of realty in metro cities and tier I cities, tier II and tier III cities are getting more attention.