Vizag and Khargar-the Two Smart Cities
Set against the backdrop of Eastern Ghat Hills on one side and the Bay of Bengal on the other, Vizag is known to be a wonderful tourist spot. It offers some spectacular view of the hill and the sea. It is the administrative Headquarter of Andhra Pradesh, one of the southern states of India. The present Chief Minister has announced to make Vizag the executive capital of Andhra Pradesh. With this announcement, Vizag has stepped up the ladder of growth and development. It has opened up possibilities for the expansion of IT industry, business and commerce which is hoped to augment the real estate business and investment.
Khargar, the new smart city of Indiais situated along Sion- Panvel Highway. Ever since its appearance, Khargar is showing extreme possibilities of development. It is a planned city, developed by the City and Industrial Development Corporation (CIDCO). Of late, it has come up as the most promising city of Navi Mumbai. As a developed city, Khargar invites industrialists and businessmen to set up industry and workshops here. It is also known as an educational hub as numerous reputed schools, engineering colleges, fashion designing college (NIFT), and business school have opened up their gates to millions of students. Naturally, all these factors have boosted up real estate investment in Khargar.
Why Investment in Real Estate in Vizag and Khargar is rewarding?
Vizag and Khargar both the cities nurture possibilities for immense growth and development. Vizag is coming up to be the 5th fastest growing city of the country. Improved infrastructure, setting up of new educational institutions, and hospitals, expansion of business and commerce are some of the key factors that work behind the real estate boom in these two cities. Various flats for sale in Vizag and flats in Kharghar are being constructed in recent years.
- Both the cities have an improved transport system. The roads are widened and new routes are launched to facilitate transportation from one place to another. The proximity to the railway station and airport has facilitated the commutation further. Once the 1st phase of Metro railway project in Navi Mumbai will get completed, it will connect Khargar with Belapur, Pendhar and Tajola and improve the transport system more. The improved connectivity will save travel time.
- Along with these, the cultural and social life of these places has improved. Various shopping malls, super markets, restaurants, multiplex and multi speciality hospitals have come up in Vizag and Khargar.
- Vizag and Khargar are also known for their greenery, and exquisite scenic view. Both the cities offer a peaceful and serene away from the hustle and bustle of the mega cities. For this calm and quiet nature of these cities the Indians as well as NRIs are pondering over real estate investment here.
- Recent survey reveals that Vizag is experiencing 35% growth in real estate. Similarly, Khargar is also experiencing a rise in real estate market.
- The mega cities of India are witnessing a population explosion. The cities like Vizag and Khargar are not so overcrowded compared to the megacities. Hence, the investors prefer these two cities for investment. As a result, the real estate market is experiencing an appreciation. The real estate market in Vizag has experienced an unprecedented growth of 23.6% at present. Therefore, the scope for depreciation in real estate is almost nil here. Similarly, the prices of flats in Kharghar have increased noticeably in the recent years.
- The improved infrastructure, extensive expansion of IT and other industries and business have improved the economy of these places. The per capita income has also increased. With improved economy, people are enjoying more power to buy and invest.
- Numerous real estate projects are coming up in Vizag and Khargar to cater the demands of flats. The developers are busy promoting single apartments, gated community houses and villas. All these projects are aiming at meeting the demand of people for better living.
- The investors can expect good return from the real estate investment here as the real estate business has shown an upsurge in both the cities.
- Vizag and Khargar assure of the safety and security of its inhabitants. With lower rate of crime, people can enjoy a safe and secured life here. The NRIs can be rest assured of the security of their families.
- The Central Government’s approval of the development of SEZ in Vizag will draw more investors in real estate. Residential plots at comparatively cheaper rate are available in Vizag. The market value of the residential plots fluctuates between Rs. 1.4k and 1.5k per sqft. The value of 2BHK flat for sale in Vizag starts from Rs. I6 lakhs while that of 3BHK flats starts from Rs. 30 lakhs.
- Similarly, the value of 1BHK apartments in Khargar begins from Rs. 57 lakhs while that of 2BHK flats can reach to Rs. 1 crore.
Certain things to Keep in Mind before Investment
- Judging the current trend in real estate market, it is the best time for investment. The investors can reap the full benefit of their investment. But ikeany other investment, this too is subject to risk. So before taking the plunge, the investors must be very wary. They are advised to survey the market and gather information about the developers. It is always wise to rely on the renowned developers even though the projects made by these developers appear costlier than the ones built by the unknown or new developers.
- Before starting the house hunting venture, the investors must set their budget and requirement. They must also consider of investing in unfurnished/ semi furnished/fully furnished flats.
- The investors must go through the deed very carefully so that there is no loop hole in the deed to deceive the investor.
- The investors can get a clear picture of the real estate market in Vizag and Khargar from the websites of the builders and the broking agencies. The Indians and the NRIs can verify the details of the projects in the portalsof housing.com also. The website of housing.com contains all the necessary details about the projects and the investors specially the NRIs can bang on a project after consulting the portal of housing.com.